UK factory output up for first time in two years, CBI says

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The CBI said British factory output rose for the first time in two years in the last quarter because the weak pound boosted exports.

Separate figures showed lending to households and businesses edged higher at the end of last year.

The CBI survey found that 31 per cent of manufacturers had seen output rise in the last three months and 20 per cent saw it fall.

The resulting balance of 11 per cent was the first positive reading for two years and the highest since January 2007. Ian McCafferty, the CBI's chief economic adviser, said: "After nearly two full years of falling output, manufacturers are seeing a return to modest growth.

"However, the manufacturing sector is not out of the woods. Firms expect growth to be more modest in the next quarter."

The Bank of England also reported a small rise in lending to businesses in November but warned that credit conditions "have eased more for larger companies than their smaller counterparts". It also warned that lending weakened in December.

Mortgage lending unexpectedly increased from £12.1 billion in November to £13.7 billion last month, according to the Council of Mortgage Lenders.