Amid the ferocious squeeze on the housing sector and the High Street, the one redeeming factor for the British economy has been the perky performance of manufacturing. A competitive pound together with the fact that much of UK manufacturing is bound up with recession proof industries like defence looked as if it might keep recession at bay. That no longer appears to be the case. The latest industrial production figures suggest that the fillip from the pound is not helping as the economies of our major trading partners in Europe and across the Atlantic start to stumble. Manufacturing slipped 0.5% in May and industrial output is down 1.6% year on year - the lowest annual growth since October 2001. Just to add to the gloom, the British Chambers of Commerce sound apocalyptic about prospects. It says that services firms, which...
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