Reuters reports that a business survey showed on Monday that british manufacturers see no evidence of a 'V'-shaped recovery from the coronavirus pandemic underway and many are planning to slash investment, 

The Make UK industry association and accountants BDO said output and orders had improved from historic lows struck last quarter during the depths of the pandemic.

But the survey's quarterly gauge of investment intentions fell to -32% from -26%, almost touching depths last seen in the financial crisis.

The possibility that Britain and the European Union fail to agree a trade deal before the end of the Brexit transition period would be a "final nail in the coffin" for many manufacturers, said Stephen Phipson, chief executive at Make UK.

Like other indicators of the labour market, manufacturers' employment expectations deteriorated in the latest Make UK/BDO survey, although its gauge of future output improved somewhat.