Outputs are up, but still fail to match expectations

Fears that the manufacturing revival is losing pace were confirmed in the latest data from the Office for National Statistics. The ONS said that manufacturing output rose by 0.2 per cent, better than the zero recorded in February but well below the usual monthly boost over the past year or so. A boost in North Sea gas volumes helped push overall industrial production up by 0.6 per cent over February, also below market expectations.

Meanwhile, the National Institute for Economic and Social Research estimated that the economy grew by 0.3 per cent in the three months ending in April – down from growth of 0.5 per cent in the three months to March.