UK Manufacturing Drops: Need the Lowest-Cost Merchant Services?

UK Manufacturing Drops: Need the Lowest-Cost Merchant Services?

British manufacturing had strong momentum but has recently lost some of it. The reason was that factories were held back because of the overall weakness in the economy in the run-up to Brexit. What to expect? How to get the cheapest merchant services?

UK Manufacturing Growth Drops

Manufacturing has been a bright sector in the slow-growing British economy since the Brexit vote in 2016. The country has witnessed uncertainties associated with Brexit and strengthening pound hitting British factories.

According to manufacturers, there was improved growth in exports during January. However, the PMI’s (Purchasing Managers Index) size of total new orders declined, which showed there was weaker domestic demand.

The IHS Markit/CIPS survey has revealed some interesting things. IHS Markit Ltd provides information and analysis to support the decision-making process of businesses and governments in a number of industries. CIPS is the world’s largest professional body serving procurement and supply.

According to the survey, manufacturing output remained strong and accounted for more than the historic average. However, the PMI that measures the sector’s activity went down to 55.2 in February. This has been its 2nd lowest reading since the June 2016 Brexit vote.

IHS Markit reports that the output growth the industry has had so far this year decreased drastically to a 3-monthly rate of 0.4%. The rate was 1.3% in the last 3 months of 2017.

With all this in mind, it’s critical to apply to a payment expert in the UK if you need the cheapest merchant services. A reputable payment specialist will help you get the best deal for merchant services. The true professional in the field will offer you free consultations, the most competitive rates, fees, as well as the most honest snapshot of the company at the time of writing.

The Current State of UK Manufacturing

Mark Carney, Bank of England (BoE) Governor, has recently said that business investment was lower than it had to be. The reason is that it’s still unclear what trade relations Britain will have with the European Union in future. The leave is due to March 2019.

According to the BoE, this year will witness fast inflation. Inflation reached its highest point in over 5 years in November. This was the time when the central bank raised interest rates for the 1st time in over a decade. The majority of economists think the BoE won’t raise rates again until November, though some expect an increase in May.

According to Dave Atkinson, manufacturers are investing in automation and exploring the opportunities presented by Industry 4.0.

Industry 4.0 introduces the modern automation and data exchange trend in manufacturing technologies. It has to do with the IoT or Internet of Things, cloud computing, cognitive computing, and cyber-physical systems.


Author Bio: Electronic payments expert Taylor Cole is a passionate entrepreneur who also enjoys to write, play guitar and camp. Bestpaymentproviders is UK’s best company offering cheapest merchant services, serving both traditional and high-risk merchants.

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