UK factory output falls at fastest rate since February amid tax rise fears

Manufacturers in the UK have cut back output at the fastest rate in 11 months, compounding the gloomy picture for the British economy, according to a closely watched survey. The purchasing managers’ index (PMI) for manufacturing fell in December to 47, down from 48 in November – its weakest reading since February. Any reading below 50 signals a contraction. Sterling fell on foreign exchange markets after the news, underlining the challenge facing the Labour government, as it hopes for an economic upturn. The pound was down almost 1% against the dollar by mid-afternoon in London, at $1.24 – the lowest

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