UK Manufacturing Cost Inflation Hits Black Wednesday Levels
The numbers are stark. According to S&P Global's March 2026 Purchasing Managers' Index, UK manufacturers have just experienced the sharpest one-month acceleration in costs since the aftermath of Black Wednesday in 1992. This UK manufacturing cost inflation spike saw the index jump 14 points in a single month, compared to 17 points following sterling's collapse from the European Exchange Rate Mechanism over three decades ago.