UK factories orders remain strong despite slower Brexit-bound economy
London — British factories matched a three-decade high for orders this month, a survey showed, adding to signs that manufacturers are riding high even as Britain’s Brexit-bound economy remains slow. Factories have benefitted from an economic recovery elsewhere in Europe and beyond, and from the fall in the value of the pound after last year’s referendum decision to leave the European Union. The Confederation of British Industry said on Monday its industrial order book balance remained at +17 in December, its joint highest level since August 1988. The survey’s gauge of export orders edged down to +16 from +20 in November which was its highest level since 1995. Manufacturing accounts for only 10% of Britain’s economy. But the Bank of England hopes exports can soften the hit to overall growth from lower spending by consumers at home who have been pinched by a rise in inflation caused by sterling’s fall. Data published last week showed retail sales in the three months to November record...
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