UK manufacturing growth surges to fastest in three years

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London - UK manufacturing unexpectedly grew at the fastest pace in three years in April as the domestic market strengthened and the pound’s decline boosted exports.

A measure of factory output rose to 57.3 from 54.2 in March, according to IHS Markit’s Purchasing Managers’ Index. That’s far better than the decline to 54 forecast by economists in a Bloomberg survey and above the 50 level dividing expansion from contraction.

The report reinforces the view that exporters are in what Bank of England Deputy Governor Ben Broadbent has called a “sweet spot,” since the currency’s decline has increased competitiveness, while the UK still enjoys free trade with the European Union single market.

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