British factories ramping up Brexit stockpiling, new data shows
- Credit: Archant © 2004
British factories have been ramping up their stockpiling in December, according to the latest report from the Chartered Institute of Procurement and Supply (CIPS).
CIPS, which measures manufacturing purchasing, saw its index rise to 54.2 from 53.6 as it was forecast to be in November.
As well as standing, new orders also increased to a ten-month high.
Financial information company Markit said that the increase in buying was due to manufacturers stockpiling parts and finished goods ahead of Brexit, as opposed to it indicating increasing confidence.
Markit's director Rob Dobson said that any 'positive impact' of the increase is likely to be 'short lived'.
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He added: 'Any gains in the near-term are reversed later in 2019 when [these] safety stocks are eroded or become obsolete.'
However there was some positive news, with Markit adding that December had seen the strongest expansion in factory activity since June, with more new businesses joining the sector.
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