“U.K. factory production strengthened in the second quarter as companies benefited from increasing export orders, the Engineering Employers Federation said.
A measure of output rose to 28 from 25 in the first three months of the year, the EEF, a lobby for manufacturers, and BDO Stoy Hayward LLP said in a report released today in London. A gauge of new export orders increased to 28 from 25.
The pound’s drop of about 25 percent on a trade-weighted basis since the start of 2007 has bolstered manufacturers by stoking demand for exports. Still, with manufacturing accounting for just 13 percent of the economy and domestic demand sluggish, the Bank of England will probably leave its key interest rate at a record low of 0.5 percent this week to support the recovery.”
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