UK factories increase output at fastest rate since 1990s in past quarter
London — British factories increased output at the fastest rate since the mid-1990s over the past three months, according to a survey published on Tuesday that suggested manufacturing might help support the economy as it slows during 2017. Manufacturing accounts for about one-tenth of Britain’s economic output. The Confederation of British Industry’s (CBI) quarterly balance for manufacturing rose to +31 in the three months to July, the highest reading since January 1995 and up from +22 in the three months to April. In July alone, however, new orders slowed slightly more than expected, to +10 from +16 in June. The picture on exports was mixed too, adding to signs that the pound’s sharp fall since last year’s Brexit vote has yet to trigger a deluge of orders from abroad. Export orders slowed in the three months to July, but manufacturers’ optimism about exports over the coming three months rose to the highest in 40 years, the CBI said. The Bank of England is focusing closely on gauges...
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