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| Version 1 | Version 2 |
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| UK manufacturing sees strong growth | UK manufacturing sees strong growth |
| (about 2 hours later) | |
| UK manufacturing output grew by 1% in February from January, the Office for National Statistics (ONS) has said. | UK manufacturing output grew by 1% in February from January, the Office for National Statistics (ONS) has said. |
| The rise - driven by pharmaceuticals, transport equipment, food, beverages and tobacco, - was the biggest since September, and ahead of forecasts. | The rise - driven by pharmaceuticals, transport equipment, food, beverages and tobacco, - was the biggest since September, and ahead of forecasts. |
| The year-on-year figure saw output 3.8% higher than in the same month of 2013. | The year-on-year figure saw output 3.8% higher than in the same month of 2013. |
| Industrial output, which includes power generation and North Sea oil production as well as manufacturing, climbed 0.9% on the month. | Industrial output, which includes power generation and North Sea oil production as well as manufacturing, climbed 0.9% on the month. |
| The figure bounced back after a weak January, when bad weather hampered North Sea oil and gas output. | The figure bounced back after a weak January, when bad weather hampered North Sea oil and gas output. |
| Compared with a year previously, industrial output was up 2.7%. | Compared with a year previously, industrial output was up 2.7%. |
| The ONS also said that in the quarter to the end of February - generally considered a better guide to recent trends - manufacturing and industrial production were both up 0.8% on the previous three months. | The ONS also said that in the quarter to the end of February - generally considered a better guide to recent trends - manufacturing and industrial production were both up 0.8% on the previous three months. |
| Pound jumps | |
| "Manufacturing output headed higher, buoyed by a strong pick up in the pharmaceuticals, transport and food sectors," said Lee Hopley, chief economist at the EEF, the manufacturers' organisation. | "Manufacturing output headed higher, buoyed by a strong pick up in the pharmaceuticals, transport and food sectors," said Lee Hopley, chief economist at the EEF, the manufacturers' organisation. |
| "Output now stands at its highest level in more than two-and-a-half years, with companies reporting good trading conditions, both at home and in overseas markets. | |
| "All manufacturing indicators are lining up for a strong first-quarter growth rate, highlighting that industry remains a vital cog in the UK's continuing recovery." | |
| The stronger-than-expected output figures pushed up the value of the pound, as markets speculated on an early interest rate rise by the Bank of England. | |
| Sterling jumped by 0.6% against the dollar to $1.6713 and by 0.5% against the euro to 1.2144 euros. | |
| 'Important' sector | |
| Last month, Chancellor George Osborne announced measures to help manufacturers as part of his aim to try to "rebalance" the UK economy. | Last month, Chancellor George Osborne announced measures to help manufacturers as part of his aim to try to "rebalance" the UK economy. |
| A survey by the British Chambers of Commerce (BCC), released earlier on Tuesday, showed six key manufacturing balances, including investment plans, were at all-time highs. | A survey by the British Chambers of Commerce (BCC), released earlier on Tuesday, showed six key manufacturing balances, including investment plans, were at all-time highs. |
| And, commenting on the manufacturing and production figures for February 2014, BCC chief economist David Kern said it was "important to reinforce efforts to broaden the recovery towards investment and exports". | |
| "At the same time, the government must continue its efforts to boost access to finance for growing firms," he added. | "At the same time, the government must continue its efforts to boost access to finance for growing firms," he added. |
| Mr Kern also said that while the share of manufacturing in the UK economy remained "relatively modest" it was "hugely important" to the recovery. | Mr Kern also said that while the share of manufacturing in the UK economy remained "relatively modest" it was "hugely important" to the recovery. |
| The manufacturing sector remains 8.2% smaller than it was in early 2008. | The manufacturing sector remains 8.2% smaller than it was in early 2008. |