It seems the double whammy of the Golden Jubilee weekend and the World Cup has hit the UK economy harder than anyone expected. Manufacturing output slumped by 5.3% in June – the largest monthly fall since January 1979.
The manufacturing slump came as staff took time off around the Jubilee weekend and also watched England's brave march to the heady heights of the World Cup quarter finals. Just what this means for the construction sector remains to be seen but the initial signs are not great.
Building materials group Hanson said last week that its busy start to the year ground to a halt in June, when demand fell away dramatically, before recovering in July. The group was in no doubt that the Jubilee and the World Cup were to blame.
Construction analyst Leslie Kent is sure other construction firms will be hit, with more than a week of work lost over the period.
"I know of one site manager who got a television for his staff to watch one of the early games before work and thought they'd start work afterwards. But England won so everyone went to the pub for the rest of the day," he said.
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