- The CBI's Industrial Trends Survey showed that manufacturing output rose at the fastest pace in 15 years in the three months to July, as a strong rise in orders and a turn in the stock cycle boosted production. But over the next quarter, growth in both output and orders is expected to moderate.
- Retail sales volumes (excluding auto fuel) rose by a robust 3.1% in the year to June, with the rate of growth similar to that in May (2.9%). The latest increase was predominantly driven by growth in non-food sales (4.4%), with sales of food down marginally on a year ago (-0.2%).
- The Bank of England's latest Trends in Lending Survey reported that net lending to UK businesses remained negative in May, and while net consumer credit flows turned positive, annual growth in the stock of lending remained flat. Gross mortgage approvals were also reported to have declined slightly in June.
- Excluding financial sector interventions, public sector net borrowing stood at £15.2 billion in June, slightly higher than the £14.9 billion in the same month last year. Public sector net debt rose to £813.7 billion, equivalent to 56.1% of GDP.
Week ending 23 July 2010. For further information contact: alpesh.paleja@cbi.org.uk |
