Manufacturers dampen optimism

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The sector is still just managing to expand, according to the Chartered Institute of Purchasing and Supply/Markit index, but the pace of growth cooled after January's eight-month high. The index, where a score over 50 signals growth, slowed from 52 to 51.2 over the month.

The Bank of England will be particularly worried by the impact of the recent sharp spike in oil prices on manufacturers' input costs, which roared ahead at the fastest pace for 19 years last month.

Meanwhile orders from the struggling eurozone tailed off, despite improved demand from the US and Asian markets. Cips chief executive David Noble said: "The return of rising oil prices and lacklustre demand is a cause of some trepidation."

The manufacturing wobbles come as the debate among the Bank's rate-setters intensifies over the path of policy. David Miles, who called for a bigger dose of money-printing than the £50 billion agreed by the MPC last month, argued for "aggressively loosening" monetary policy, which would enable rate-setters to hike interest rates earlier.

His views contrast with colleague Martin Weale, who voiced fears over inflation yesterday and said the Bank may not extend quantitative easing.