Jam For Tea
Things are looking up. George Osborne could have timed things perfectly for next year’s election.
A Purchasing Managers’ Index compiled by Markit says UK manufacturing is growing at its fastest rate for three years.
The index rose to 57.5 in June when it was expected to fall to 56.8 from May’s 57.
The Markit metric means that things are improving if it’s above 50 and declining if it’s below 50.
The UK economy is now on track to grow 3% this year.
GDP grew by 0.8% in Q1.
Manufacturing output grew by 1.5% in Q1 and is expected to grow by more than that in Q2.
The CBI says factory orders strengthened in June and were at their highest level since December. New export orders in June rose for the 15th month in a row.
In June, manufacturers hired staff at the fastest rate since March 2011.