Manufacturers get a boost

By THIS IS MONEY
Updated:

 

BRITAIN'S manufacturing sector grew at the fastest pace for 15 months in August, signalling that industry is finally on the road to recovery.

A key barometer of the sector showed output and new orders accelerated thanks to a weaker pound, increased client confidence and improved market conditions.

The CIPS/Reuters purchasing managers' index registered 51.9, up from July's 51.1.

Reinforcing expectations that interest rates will be held at 3.5% this week, the Bank of England said mortgage lending hit £8.4bn in July - the highest since comparable records began in 1993.

Some 111,000 new mortgages were taken out in the month, the most since November.

Most watched Money videos