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British manufacturing gets biggest order boost due to weak pound: survey
From:Xinhua  |  2017-11-22 07:08

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LONDON, Nov. 21 (Xinhua) -- The weakness of sterling against other currencies since the Brexit referendum last year has given manufacturing exporters the biggest boost in the three months to November for 29 years.

Total orders were the strongest since August 1988, while export order books were the joint highest in more than 20 years, according to the Confederation of British Industry (CBI) industrial trends survey released on Tuesday.

The survey noted the improvement in total order books was particularly marked in food, drink and chemicals, while export order books strengthened notably in chemicals, electronics and transport goods.

"The orders were way above expectation. The total orders were the best since August 1988 and there was a pretty big jump in foreign orders, which were the best since 1995," Howard Archer, chief economic adviser to the EY ITEM Club in London told Xinhua.

Sterling was weakened immediately when the referendum last June got a Brexit result. It fell from 1.48 U.S. dollars, and is now trading at about 1.32 U.S. dollars.

"There is evidence there that the competitive pound and strong global trade and growth have certainly helped UK manufacturers in November," said Archer.

The manufacturing sector has been the bright side for the British economy recently, and was the main reason why British growth looks improved in the third quarter, according to the preliminary estimate released by Office for National Statistics.