UK factory orders hit highest level

LONDON: British factory orders have hit their highest level in nearly 30 years, according to a monthly Confederation of British Industry survey which is likely to encourage Bank of England policymakers who favour an interest rate hike. The CBI said its factory order book balance jumped to +16 in June from +9 in May, hitting its highest level since 1988. Export order growth was its strongest in 22 years, the CBI said, helped by the fall in the pound that was triggered by last year’s Brexit vote. The strong performance by manufacturers will be noted by the Bank of England policy makers. — Reuters