The CBI has released quarterly SME Trends Survey results, announcing that SME manufacturing output volumes have fallen at the fastest rate on record.
Scott Donnelly, CEO, CapitalBox, made the following comment :
“There are ongoing struggles in the manufactory industry – especially for SMEs. The beginning of the pandemic witnessed how China impacted SMEs in Europe before lockdowns had even commenced. Since our own lockdown, the result is an impending recession.
We are, however, optimistic. As lockdown has eased over the last few months we are certainly seeing the industry normalise and have started to see companies within our portfolio apply for funding again as they look to expand in the fourth quarter of this year and move towards restoring the manufacturing industry.”