CBI sees positive signs in new factory order figures

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The CBI's index of new orders stands at minus 34 for the three months to July, compared to the previous figure of minus 51 – the worst since records began in 1988.

Russel Griggs, chairman of the CBI's Small and Medium Enterprises council, said: "Things aren't quite as gloomy as they were three months ago. So far, the relative weakness of sterling has not provided firms with much of an export boost. It is therefore encouraging that medium-sized companies are hopeful that overseas orders will pick up in the next quarter, helping raise total orders and output."

The CBI said medium-sized businesses are also helped by an improvement in access to credit, but that banks still are not lending enough to truly kick start the economy.

"It is worrying that credit constraints still remain a concern," Griggs added. The survey was conducted between June 24 and July 8, drawing responses from 480 companies with fewer than 500 employees.