Manufacturing sector set to shrink for two successive years
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U.K.-based manufacturers' organization Make UK predicts two successive years of contraction for Britain's manufacturing sector as it contents with global supply chain disruptions and labor shortages, Money reported. The manufacturing sector is expected to shrink 4.4% this year and contract by another 3.2% in 2023. The U.K.’s manufacturing industry is losing almost £20 million ($24.5 million) a day in potential output due to shortage of workers, as level of vacancies touch 86,000.
