UK Manufacturing Reaches 2 Year High!
The Markit/CIPS purchasing managers’ index showed that in June, manufacturing in the UK saw its strongest growth since May 2011. This information is a positive addition to the recent data released regarding the UK economy, which grew by 0.3% in the first three months of this year. There was also more positive news today when Bank of England figures showed that mortgage approvals hit a three and a half year high in May. According to the Bank, over 58,000 home loans were approved in May, which is the highest number since December 2009. Analysts said the upbeat data was welcome news, first the manufacturing sector looks to be in better shape and second the housing market is picking up. On the back of this good news, economic specialists predict that GDP growth for the second quarter of this year is expected to be around 0.5%.