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Daily Digit: UK factory fall fans triple-dip fears

Monday, March 11, 2013 - 01:02

March 12 - British manufacturing output fell in January at the fastest pace since June, wiping out the previous month's gains and reinforcing fears that the economy made a weak start to the year. Ciara Sutton reports

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1.5% is today's daily digit in Europe. It's the amount manufacturing output unexpectedly fell by in the UK in January. It was the biggest fall since June, wiping out previous gains and reinforcing fears of a triple dip recession. The latest figures are a worry for finance minister George Osborne - he's preparing to deliver his annual budget to parliament next week. The heat is on for him to find measures to revive growth. But instead he's facing a chill wind - not just from the unseasonably cold weather. The economy contracted late last year and two weeks ago the country lost its prized triple-A credit rating. On Tuesday the pound fell to a 2-1/2 year low against the dollar while British government bonds rallied in anticipation of more stimulus from the Bank of England. Weak industrial production has been the main drag on Britain's economy. Another drop in GDP this quarter would put the economy in a similar position to these motorists

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Daily Digit: UK factory fall fans triple-dip fears

Monday, March 11, 2013 - 01:02