The British manufacturing industry surged towards the end of the year, with order books at a near 30-year high in December.
November’s strong growth continued into December, according to the latest figures from the Confederation of British Industry, helped by inflationary pressure and a weak pound.
In a survey of 371 manufacturers, 28 percent said order books were above normal while 11 percent said they were below normal. The overall balance of + 17 points was one of the highest figures on record, driven largely by the motor vehicles and transport equipment and mechanical engineering sectors.
Anna Leach, head of economic intelligence at CBI, said: “As we head towards the end of 2017, UK manufacturers’ total order books remain at a near 30 high, with export order books remaining at their strongest since the mid-1990s.
“While the lower level of sterling continues to support exporters, cost pressures remain intense. Businesses will expect to see the Government’s Industrial Strategy make rapid progress next year to support manufacturing and the wider economy in every corner of the UK.”