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UK manufacturing growth hits highest level since June 2014

UK manufacturing is growing at its strongest rate in two-and-a-half-years, a new survey showed on Tuesday.

The UK Manufacturing Purchasing Managers Index hit 56.1 in December, up from 53.4 in November and far ahead of analysts expectations of 53.3 and the survey’s long-run average of 51.5. The number is consistent with an increase in output of 1.5 per cent in the quarter.

New orders from both home and abroad fuelled the expansion, said Markit who carried out the survey. However, the report sounded a note of caution as cost pressures on factories also increased, as a weakened pound raised import prices while fuel costs have also risen. This is expected to result inhigher prices for shoppers in 2017.


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