Brexit-brakes off as UK recovers "manufacturing mojo"

According to the survey manufacturing production increased at the fastest pace in seven months during August, rising to 53.3 (anything above 50 indicates growth). This represents a sharp recovery from July’s 41-month post-Brexit vote low of 48.3. The survey also found that employment levels in the industry have risen for the first time in the year to date.

Manufacturers reported an increase in orders from both domestic and overseas customers. Although the impact on exports of the weakening pound – which has fallen in value by around eight per cent since the referendum vote – was cited as one of the main factors behind the upswing. Ironically, following the release of the latest PMI survey, Sterling’s value jumped by one per cent.

The report confirms the findings of the most recent CBI Monthly trends survey – published on 23^rd August – which indicated that exports had reached a two-year high.