PwC comments on the S&P Global UK Manufacturing PMI – April 2026

Cara Haffey, Leader of Industry for Industrials and Services at PwC UK, said:

“The April PMI figure of 53.7 suggests UK manufacturing is showing greater resilience than many expected at the start of the year, reaching its strongest level since May 2022. Activity is expanding, hiring has resumed and demand is improving across a broad range of subsectors, pointing to a sector that is adapting to challenging conditions rather than pulling back.

“However, this should be seen as cautious progress rather than a decisive turning point. Rising energy and employment costs, ongoing geopolitical disruption and uncertainty around global trade routes remain central to day‑to‑day decision‑making, shaping how business leaders think about pricing, inventories and investment.

“There is also a risk that some of the recent strength reflects businesses and customers bringing forward orders or building inventories in response to that uncertainty, rather than a sustained improvement in demand.

“Momentum alone should not be mistaken for stability. Businesses with diversified supply chains and disciplined capital allocation are best placed to protect margins while weathering this current environment. Targeted Government support, particularly where it lowers the cost of investment and improves certainty, will be critical in turning resilience into more sustainable growth.”