British factories ramped up their stockpiling in December as they prepared for possible border delays when Britain leaves the European Union in less than three months’ time, a survey showed on Wednesday.
The IHS Markit/CIPS Manufacturing Purchasing Managers’ Index (PMI) rose to 54.2 from an upwardly revised 53.6 in November, the highest reading in six months and stronger than all forecasts in a Reuters poll of economists.
Markit said the improvement did not herald a big change in the outlook for Britain’s stuttering economy and was caused in large part by manufacturers stockpiling inputs and finished goods, both of which were near record highs.
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