British manufacturers are facing their biggest profits squeeze since the financial crisis, a survey warns.
Research by Insider Pro found that firms had been hammered by the pandemic and red tape related to Brexit.
Suffering: Research by Insider Pro found that firms had been hammered by the pandemic and red tape related to Brexit
Its survey of nearly 1,500 small and medium-sized manufacturers found that this year revenues are expected to tumble by one tenth and profits to halve.
They also face a ‘painful cash squeeze’ as uncertain demand makes it hard to plan stock purchases and nervous suppliers demand faster payments and recall loans.
Companies suffered turmoil last year as lockdowns damaged supply chains and prompted factory shutdowns, while Brexit heralded new export rules.
Insider Pro boss Jeremy Bowley said manufacturers were facing ‘the worst profit slump since at least 2008/9’.
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