(RTTNews) - UK’s manufacturing sector’s balances for home sales and orders, employment expectations, investment, confidence and cash flow plunged to record lows in the fourth quarter, the latest quarterly economic survey released by the British Chambers of Commerce showed Tuesday. In the service sector, all the key balances without exception, reached record lows.

The manufacturing sector’s balance for home sales dropped 25 points to minus 38%, while that for export sales fell 15 points to minus 12%. The employment balance in manufacturing sector slid 17 points to minus 17%. At the same time, the fourth quarter confidence balances fell to record lows.

Meanwhile, the net balance for service home orders dropped 23 points to minus 36% and the net balance for service export orders plunged 22 points to minus 13%. The service sector’s employment balance stood at minus 22%, down 24 points.

“It is clear that the UK economy is facing a very serious recession, and the downturn is deepening at an alarming pace”, the BCC stated. There were no positive features in the fourth quarter results. The business lobby said additional corrective measures are urgently needed to avoid a prolonged recession in UK.

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