Britain's manufacturing sector dismisses post-Brexit blues

Confidence in Britain's manufacturing sector jumped to levels not seen since the country voted to leave the European Union in June, according to a closely-watched survey published on Thursday.

The Purchasing Managers' Index compiled by Markit hit 53.3 points in August, marking "solid rebounds in the trends in UK manufacturing output and incoming new orders."

The jump of five points from the previous month was the biggest change seen since the survey started nearly 25 years ago, and took the index to its highest level since October 2015.

Exporters have been boosted by the weaker sterling, the report said, which makes British exports cheaper overseas.

The pound lost about 13 per cent of its value against the dollar after the Brexit vote.

"The Brexit brakes are off," commented David Noble, group chief executive officer at industry body the Chartered Institute of Procurement and Supply.

Last update: Thu, 01/09/2016 - 16:29

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