The UK market continues to fall but have not been as severe as was expected by the Office for National Statistics (ONS). Figures show there was a 5.5 fall in the quarter, compared to that of figures in the previous three months, which is the worst it has been since 1948. But March output was down 0.1 month on month, its smallest fall in 13 months.
Alan Clarke, an economist at BNP Paribas said: 'The trade deficit is much better than expected for a second consecutive month. We've already seen the impact of the weaker pound on inflation, now we are starting to see the benefit in terms of a narrower trade deficit.”
The BCC chief economist David Kern said 'Although many firms are viable and productive, they face considerable risks to their skills base. Unless the government takes further specific action to help manufacturers maintain these precious skilled jobs, the sector and the wider UK economy will suffer.'
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