Manufacturing growth was much bigger than economists had predicted

Britain’s factories are experiencing their strongest performance in nearly three decades as the fall in the pound gives exporters an advantage abroad.

The CBI said order books in June had climbed to their highest level since August 1988, while export demand hit a 22-year high. Economists said the findings raised hopes that a manufacturing boom might offset the slowdown in consumer spending and steady the economy.

The pound has fallen about 12 per cent against the trade-weighted basket of currencies since last June’s Brexit vote, making import prices more expensive in sterling but exports cheaper in foreign currencies.

As a result Britain’s factories are enjoying unusually favourable conditions. Not only are their goods more affordable overseas but the higher cost of imports makes products manufactured