Mubasher: UK manufacturing activity saw a deeper downturn in June, as factories started to see the impact of the unwinding of earlier pre-Brexit stockpiling, according to a survey report by IHS Markit and Chartered Institute of Procurement and Supply (CIPS).

The IHS Markit/CIPS UK Manufacturing purchasing managers’ index (PMI) came in at 48 last June, down from the revised 49.4 in May.

While this the third consecutive monthly decline of the gauge, it was the weakest reading seen since February 2013.

UK manufacturing output shrank at the fastest momentum observed since October 2012.

“The triple whammy of the Brexit-delay fallout, weaker domestic and export demand impacted on new orders, optimism and job creation, and the sector was left gasping for breath,” CIPS group director Duncan Brock said.

By 8:38 am GMT, the GBP/USD pair declined by 0.36% to $1.2650, while the EUR/GBP pair stabilised at GBP 0.8958.