UK Upbeat Economic Data Boosts GBP

Hopes that Britain has finally emerged from its post-recession doldrums received a triple boost with news of surging factory output, higher car sales and rising activity in the housing market.

Fresh signs that the economy may achieve the “escape velocity” sought by Mark Carney, the new governor of the Bank of England was provided by data covering industrial output and the two biggest ticket items of consumer spending.

The Office for National Statistics said an across the board increase saw manufacturing production grow by 1.9% in June following declines in both April and May.

Over the three months to July – a better guide to the underlying trend – UK factory output was up 0.7%. Industrial production, which includes North Sea oil production and output from the domestic energy sector, was up 0.6% over the same period.

Meanwhile, the Halifax, the UK’s biggest mortgage lender, reported a 0.9% jump in house prices in July amid evidence that government schemes were encouraging buyers back into the market.

via The Guardian

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