Slump in manufacturing as wary firms 'conserve funds'

The sector is crucial to Labour's growth plans as it pushes for a rise in defence and technology.
But research by the Confederation of British Industry shows less is being produced across the country.
Output volumes fell more in the quarter to March than in the three months to February, it found.
The CBI's Industrial Trends Survey said only three out of 17 manufacturing sub-sectors escaped a drop in output.
Defence and aerospace were described as a “pockets of strength” by the CBI's lead economist Ben Jones.
It reflects tense geopolitical pressures pushing the Prime Minister to change his focus to upgrading the UK's military.
The Government is set to raise investment in defence to 2.5% of GDP by April 2027, with Rachel Reeves likely to speak further about spending commitments at Wednesday's Spring Statement.
But manufacturing orders on the whole have remained well below long-run averages despite slight improvements, according to the CBI's survey.
Mr Jones said the sector remained "subdued" amid a gloomy economic outlook. He outlined the impact of Ms Reeves's £20billion tax hike to national insurance contributi...