Brexit

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British factories were left out of a demand-driven surge in activity across much of Asia and Europe in June, as weakness in sterling failed to translate into export growth, surveys showed. Factories in the euro zone rounded off the first half of 2017 by ramping up at the fastest rate for over six years while Asia's tech-manufacturing economies were helped by growing global demand for electronics products. But British manufacturing grew more slowly than anyone polled by Reuters expected as consumers faced the double-hit of accelerating inflation - caused in large part by the fall in the pound since last year's vote to leave the EU - and slowing wage growth. Monday's survey suggested the supposed silver lining of a weakened pound - more competitive exports - is proving elusive and could make Bank of England officials think twice about raising interest rates. The Markit/CIPS UK Manufacturing Purchasing Managers' Index (PMI) fell to 54.3 from a downwardly-revised 56.3 in May, a three-month low and below all forecasts in a Reuters poll of economists that pointed to a reading of 56.5. A reading above 50 indicates growth.

Britain misses out as global manufacturing surges