Data from the Markit/CIPS manufacturing purchasing managers’ index, the first full set of data since the UK voted to leave the European Union, has shown that activity among UK manufacturers contracted at its fastest pace for three years in July.
The closely watched survey showed results indicating a fall in activity to 48.2, the lowest since February 2013 – a reading above 50 indicates expansion, but below 50 indicates contraction.
As a direct response to the fall in activity, the number of job losses increased at the fastest rate in over three years as companies let go of staff “to secure themselves against more possible bad news ahead”.
At Beavis Morgan, our specialist advisers to the manufacturing sector are able to assist with business growth and optimisation. Our Research & Development (R&D) tax credits team have also made a significant number of successful claims on behalf of clients in the manufacturing sector. The reliefs, essential for businesses to innovate and excel, can be extremely beneficial to those engaged in qualifying R&D.
For further information about how we can help you and your manufacturing business, or to arrange a no obligation preliminary meeting to discuss how your company could qualify under the R&D Scheme, please contact Steve Govey or your usual Beavis Morgan Partner.