Brexit-hit pound gives sharp boost to export orders
Manufacturing output across the UK has risen at its quickest pace for more than two years as the Brexit-hit pound boosts overseas demand for British goods, a report has said.
The Confederation of British Industry's (CBI) industrial trends survey said output volumes saw their fastest acceleration since July 2014, with a balance of plus 23% in March.
It said a strong demand in the pharmaceutical and mechanical engineering sectors pushed export order books to highs not seen since December 2013.
It found that export order books had reached a balance of plus 10% for March, with 24% of companies reporting above normal levels and 14% seeing a fall in demand. Total order books showed a balance of plus 8% over the period, the CBI said.
Sterling's slump against many major currencies since the EU referendum result last June has helped export demand by making UK goods cheaper for overseas buyers.