The number of manufacturing businesses in the United Kingdom fell from 270,000 at the start of 2021 to 244,140 a year on, contributing to concerns regarding the country's future financial stability.
The decrease in the number of companies in the sector can be attributed to the decreasing number of orders, with output falling for the third month in a row in September 2022, and orders declining for a fourth consecutive month, according to an analysis from S&P Global.
In 2022, turnover in the sector fell by 9.2 per cent, decreasing from £636bn to £577bn, while the number of people employed in manufacturing dropped by 1.7 per cent compared to the previous year, official figures show.
In comparison, business numbers in the UK overall fell by 1.5 per cent over the same period, as rates of inflation for input costs and output charges have substantially accelerated in all sectors.
“The manufacturing sector had a challenging 2021, with business numbers...