UK manufacturers registered the 2nd fastest decline in exports in 4 and a half years in April. This is resulting in weaker economic growth. Are you on the lookout for the cheapest merchant services in the country? To learn more on all these, just go on reading below.
UK Factory Exports Dropped
Britain’s number 1 export market, the European Union, accounts for over half of overseas sales, coming after the US and China.Based on a recent quarterly survey of manufacturers held by the Confederation of British Industry, export orders have dropped in an unprecedented way since the financial crisis back in 2009.
In fact,factory output fell after Theresa May approved the delay of the Brexit deadline. According to the most recent research, the slowdown was mainly caused by Brexit, withdecreased demand coming from the EU, US, as well as China. In addition, the global economy’s poorer growth has also played its role in this.
- UK car manufacturing dropped by about 20% in January 2019
- The IHS Markit/CIPS manufacturing Purchasing Managers’ Index (PMI) fell to 53.1 in April 2019: it was 55.1 in March
- Factories have never increased their selling prices at a slower pace since July 2016, and their material and energy costs grew at the 2nd-slowest pace
According to the National Institute of Economic and Social Research, the slowdown in global demand and chronic political uncertainty in the UK will make the central bank keepthe interest rates at 0.75% until mid-2020.
Duncan Brock, Cips’group director, notes that the domestic orders weren’t growing sharply, so it was impossible to meet the vivid shortfall in business. The delayed Brexit deadline caused the stockpiling levels to go down. According to economist Francesco Arcangeli, such slower output is also a reflection of falling demand and increasing job losses.
Cheapest Merchant Services in the UK
Did you know that the EU’s countries received nearly 44% of UK exports in goods/services?This made up £274 billion out of £616 billion in total exports.Last year, the UK shipped US$484 billion worth of goods worldwide.
What about your own business in the UK? How are you going to overcome the challenges existing? No matter what you’re planning, working with a true payment processor is critical to your success. Just turn to a reputable payments-comparison company that can help you find the best deal.
With a true payment expert, you can enjoy the most secure and cheapest merchant service in the country. Make sure to apply to a comparison company that’s focused on the top areas, meaning terms, complaints, and integration.
When it comes to European customers, they’re currently sourcing outside the UK, being afraid of possible problems with customs checks and tariffs.
To sum up, the future of trade is going to depend on the agreement (if any) the UK and the EU will sign after the split. So, to keep your UK business away from the ebbs and flows in the economy, work only with a respectable payment processor in the country.
Author Bio:Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business. His understanding of the industry, including the cheapest merchant services, has helped thousands of business owners save money and time.