Amid the wail of police sirens there have been other worrying noises in the August air. Namely the sound of deflating expectations among the UK's manufacturers.
Office for National Statistics (ONS) last week announced manufacturing output, which excludes mining and quarrying, as well as electricity, gas, and water supply, sank by 0.4 per cent in June after a rise of 1.8% in May. Car production suffered a 1.7% fall. Meanwhile the UK's trade gap deficit has risen to £8.87bn (from £8.47bn). The gloomy figures compounded concerns around the debt problems that have beset the US and European economies. More generally, what has been driving sentiment is a palpable fear among investors of further falls that may be around the corner. All of this has b...
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