Jobs losses in small manufacturing firms are accelerating at the fastest rate since the early 1990s as demand for UK made goods declines according to CBI's latest quarterly SME Trends survey.
The report found that the volume of new orders and output among manufacturing SMEs fell at their fastest rate in more than a decade in the last three months to January, and companies expect an even sharper decline in the next quarter.
Orders were at their lowest quarterly volume since July 1991, with 54% of companies reporting a reduction in new sales and seven out of ten firms working below capacity.
Falling profits meant that jobs were put on the line. Just 7% of firms expanded their workforce during the last quarter, with 38% admitting that they had been forced to reduce their headcount, representing the steepest quarterly cut back in employment since January 1992.
Russel Griggs, chairman of CBI's SME Council said: "Firms are steeling themselves for a very difficult few months, out output and orders expected to fall at a record pace in the next quarter. As a result, job losses are expected to accelerate among SMEs."
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