Jon Trickett MP, Labour’s Shadow Secretary of State for Business, Energy and Industrial Strategy, commenting on figures today from the EEF, which shows confidence among manufacturers has dropped since the UK voted to leave the EU, said:

“Today’s figures showing sharp falls in confidence among both consumers and manufacturers are a double whammy for Britain’s already fragile economy, and a damning indictment of the Government’s handling of Brexit.

“The Government’s contingency planning for Brexit have been shown to be none existent – a recklessness which is already having a destabilising effect.

“Uncertainty is bad for the economy. When confidence is low, people delay important decisions such as buying a house or changing jobs, and this has knock-on effects on demand and productivity. If manufacturers feel their future is insecure, they are less like to make the kinds of investments the sector so desperately needs.

“The Government needs to stop floundering and set out a clear vision for Britain’s economy outside of Europe, along with a detailed plan for how we will get there.”