The UK’s manufacturing sector has failed to benefit from the fall in the pound, according to official figures that showed output stagnating in June to close off a dismal first half of the year. Growth in manufacturing was flat in June compared with May, resulting in a 0.6 per cent decline in the second quarter, according to the Office for National Statistics. The UK’s manufacturing sector has contracted by 2.2 per cent since the end of last year. Surveys have suggested that manufacturers are enjoying an increase in overseas orders as the 14 per cent fall in the pound since the Brexit vote makes UK-made goods cheaper abroad, yet this has yet to show up in official figures. David Page, senior economist at AXA Investment…

Source: The Times August 10, 2017 23:03 UTC