UK Manufacturing Continues to Grow

UK Manufacturing Continues to Grow.

The Office for National Statistics (ONS) has released the figures for UK manufacturing and shows that in the first quarter, manufacturing output grew at its fastest quarterly pace since 1999.

The quarterly figures show that manufacturing output grew 1.4%. Construction output also saw a rise, increasing 5.4% in the first quarter.

This news comes a day after the Bank of England (BoE) said they would hold interest rates at 0.5% despite a fast improving economy.

The National Institute of Economic and Social Research (NIESR) has revised its growth forecast for the UK increasing it to 2.9% for 2014.

Rubber and plastics were leading the pace and were the main contributors to the growth which rose 7.3%.