UK factory production has seen the longest period of decline since the global financial crisis as the sector weighs heavy on the economy, an influential survey has found. The speed at which the manufacturing industry is shrinking slowed slightly in October.

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UK manufacturing in worst downturn since 2008 global financial crisis

The final reading of the S&P Global/CIPS manufacturing PPMI stood at 44.8 in October, down from an early estimate of 45.2. A reading of 50 or over signifies growth.

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Banks are essential to the economy – since 2009 some have taken their time to recover, writes David Buik

Few would argue that the banking and credit crisis of 2008/9, flagged up by ‘Household’, HSBC’S sub-prime lender in 2007 was the greatest economic tragedy since the ‘Depression’ in 1929. Most are of the opinion that the world’s economy has yet to fully recover.

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UK Rips Up State Guarantees On Nearly £1 Billion Of COVID Loans

Previously unreported figures obtained by Reuters under a Freedom of Information (FOI) request show that the state-owned British Business Bank (BBB) - which administers the loan schemes - has removed state guarantees from 10,786 loans worth a combined £979 million as of Oct. 11, shielding taxpayers from some losses.

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Is the UK workforce really off sick?

The UK’s problem is far more acute. The response rate to the LFS stood at 38.5 per cent just before the outbreak of Covid forced the ONS to stop in-person interviews. The most recent results, which the statistical agency decided were unusable, were based on a response rate below 15 per cent.

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