The headline index of manufacturing activity hit a four-month low of 52.0 in February. A score of below 50 indicates recession, while above 50 indicates growth. The PMI is currently at its second-lowest level since July 2016 – the month following the EU referendum.
Although stronger than French and German equivalents seen on Friday morning, IHS Markit, which puts together the index, said the boost to British manufacturing largely reflected stockpiling, as well as an industry-wide bid to cut work backlogs in case of a no-deal scenario.
Britain’s departure from the EU is scheduled to take place on March 29, with the possibility of leaving without a transition deal still very much on the table.
Manufacturers cut back on employment for the second consecutive month, with the rate of job losses the steepest since February 2013.
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