The latest survey by the Confederation of British Industry (CBI) showed on Tuesday the UK manufacturers’ order books fell in December, remaining below the long-run average (-13).

According to the report, the CBI's monthly factory order book balance decreased to -28 in December from -26 in the previous month.

Export order book gauge also weakened on the previous month, reaching -35, down from -22 in November, remaining below its long-run average of -17. Meanwhile, stocks of finished goods rose to +24 from +17, exceeding the long-run average of +13%. Expectations for average selling prices for the coming three months picked up somewhat to +6 in December, up from -1 in November.

Tom Crotty, Group Director, INEOS and Chair of the CBI Manufacturing Council, noted: “These disappointing figures are reflective of the widespread weakness in the global manufacturing sector and the impact of continued Brexit uncertainty in the run-up to the General Election. Following the General Election, manufacturers will be eager to see the Prime Minister break the cycle of Brexit uncertainty as a priority. There is also a fresh opportunity for the sector to work with the government to solve long-term challenges such as raising productivity, addressing skills shortages, improving sustainability and tackling climate change.”