U.K. manufacturing output contracts 0.3% in August

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Source: Dukascopy
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Manufacturing output in the U.K. contracted 0.3% in August, compared to July, when it slid a revised 0.2%, said the Office for National Statistics on Tuesday. Economists expected the decline of 0.1%. The British Chambers of Commerce said on Tuesday the new round of QE launched by the Bank of England last week may not be enough to prevent the economy from further contraction.

"In view of the worsening global economic background, the manufacturing output figures, while disappointing and weaker than expected, are not surprising,” said the chief economist at the British Chambers of Commerce.

"The government for its part must be more proactive in pursuing growth-enhancing policies, and look to reallocate priorities within the overall spending envelope," added Mr. Kern.

“There is quite a lot of scope for further quantitative easing”
- Martin Weale, Bank of England policy maker
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