Teleborsa) – Vertical collapse of the confidence climate of the British manufacturing industry. It's the Brexit effect.
The index that measures expectations on the trend of industrial orders prepared by the British Confindustria, CBI (Confederation of British Industry), recorded the worst drop since 2009, following the victory of Brexit in the British referendum last June 23rd.
The quarterly survey conducted by the business association found that the confidence indicator slipped to -47 points in May from -5 points in April.
"Looking forward to the next quarter, concerns about economic and political conditions, as well as limits on export orders are at their highest since 1983," the CBI said in a statement. "It is clear - warns the chief economist Rain Newton-Smith - that following Brexit, a cloud of uncertainty has descended on the industry".
Finance ministers and central bank governors of the 20 largest economies, meeting in Chengdu, China, acknowledged that Britain's exit from the EU "added uncertainty" to the world economy, but said countries of the G20 are "well positioned to respond proactively to the economic and financial consequences". However, everyone condemned the use of competitive devaluations, considered harmful to the world economy.
