August 21, 2018 / 10:07 AM / 8 months ago

UK factory orders gauge hits three-month low in August - CBI

FILE PHOTO: A worker examines an aluminium component inside the factory of precision engineering company Produmax in Shipley, Britain May 8, 2018. Picture taken May 8, 2018. REUTERS/Phil Noble

LONDON (Reuters) - Growth in British factory orders cooled slightly to a three-month low in August, although export business remained robust, a survey showed on Tuesday.

The Confederation of British Industry’s monthly factory orders balance fell to +7 from +11 in July, a little below the +9 consensus in a Reuters poll of economists though well above the series’ long-run average.

Factories’ expectations for production over the next three months, and expectations for prices, rose to the highest since May.

“Manufacturing growth remains strong, supported by the lower level of sterling and strong global economy. But risks to that growth remain high in light of international trade tensions and the uncertainty caused by Brexit,” CBI economist Anna Leach said.

She repeated the CBI’s view that a no-deal Brexit, in which Britain leaves the EU without striking an agreement on their trading relationship, would be “immensely damaging” for British manufacturers.

Reporting by Andy Bruce, editing by David Milliken

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