Exports sag, UK factories report lower Brexit stockpile boost - PMI survey

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Published on May 1, 2019 - Duration: 01:16s

Exports sag, UK factories report lower Brexit stockpile boost - PMI survey

British factories lost some of the boost from pre-Brexit stockpiling last month and exports fell at one of their fastest rates in the past five years, according to a new survey on the UK economy.

David Pollard reports.

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Exports sag, UK factories report lower Brexit stockpile boost - PMI survey

Holding to two-week highs, pound sterling had an upbeat feel on Wednesday ... Despite a downbeat feel to the day's data.

April's PMI shows manufacturing lost some of the pre-Brexit stockpiling effect that boosted March's output .... Bank of England data for March shows lenders approved fewer mortgages than since December 2017.

Consumer credit growth slowed to its weakest in four years.

(UPSOT) (English) BANK OF ENGLAND GOVERNOR, MARK CARNEY, SAYING: "The message will be the same as the message today which is; we will provide all the stimulus we can ...." The Bank delivers a policy decision on Thursday.

But despite that pledge in February no change is expected now ... Though markets don't see a hike in rates until early next year ... When there might be more clarity on Brexit.

(UPSOT) (English) BRITISH FINANCE MINISTER, PHILIP HAMMOND, SAYING: "If we were to have a no deal Brexit that would inflict serious short-term turbulence on our economy and long-term damage ..." Finance minister Philip Hammond restated the dangers of a hard Brexit last week .... But currency traders see tentative signs of progress in talks between the government and main opposition party - on a deal to avoid that scenario.

If that's helping boost sterling, the survey's take on trade might not.

UK exports in April fell, it says, at one of the fastest rates in half a decade.

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