FX.co ★ UK Manufacturing PMI Revised Higher but Remains at 2023-Lows

The S&P Global UK Manufacturing PMI for March 2025 was adjusted upwards to 44.9, marginally rising from the preliminary estimate of 44.6. Despite this revision, it still represents the lowest figure in 17 months, down from February's reading of 46.9. The challenges for UK manufacturers sharpened, with increased contraction rates in both output and new orders, reflecting an ongoing challenging operational landscape. According to Rob Dobson, Director at S&P Global Market Intelligence, "Firms are being affected from multiple angles. Numerous companies noted a decline in domestic market conditions, rising costs attributed to changes in the national minimum wage and national insurance contributions, escalating geopolitical tensions, and the threat of global trade disruptions due to tariffs." Business confidence plummeted to its lowest in nearly two and a half years as concerns about government policies, escalating costs, heightened geopolitical tensions, and potential tariff uncertainties weighed on both current operations and future outlooks.