There is also hope for the labor market in the country as it moves towards recovery from the damage caused due to the multiple rounds of lockdown and restrictions imposed to contain the spread of the coronavirus pandemic. BDO’s employment index registered its first uptick – albeit slight, on a monthly basis, improving to 107.68 during February from 107.64 in January.

On a worrying note, however, the situation continues to be grim for the UK’s manufacturing sector with business confidence dipping 0.27 points lower in February to 83.99. Even amid hopes for economic recovery after the pandemic is brought under control, manufacturing firms face added pressures owing to Brexit related uncertainties and disruptions at the border after Britain officially departed from the EU.