More than 50% of the industrys machinery suppliers are struggling to remain confident about future trading, according to Picons latest quarterly survey.
Results released last week showed that 58% of suppliers were less optimistic about the future, compared with 31% in the first quarter of 2001. A similar trend was evident in export prospects with 31% of suppliers less optimistic, compared with just 16% in the first quarter.
The pessimism comes as Picon members reported a drop in orders, with 58% of UK suppliers facing a quarter-to-quarter decline. Exporters fared only slightly better, with 45% reporting a decline last quarter.
The survey also found that nearly 60% of members thought Britain should "wait and see" before joining the single European currency.
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