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UK manufacturing on the rise

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UK manufacturing grew in February as employment in the sector also rose significantly.

As the BBC reports, the Markit/CIPS Manufacturing Purchasing Managers' Index (PMI) for February was 56.9. This was higher than analysts had expected and was an improvement on the January figure of 56.6.

Readings of more than 50 indicate expansion in the industry, while figure of less than 50 indicate contraction.

In addition, the manufacturing sector experienced its highest job growth figures for almost three years.

As the Financial Times reports, in other good news for British industry, a major private equity backers of UK engineering companies plans to double its investment in manufacturing.

LDC, which is part of Lloyds Bank, will increase its support for medium-sized manufacturing firms from to £500m by the end of 2015. It expects increased deal flow in the next couple of years.

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