Data shows that the CBI manufacturing confidence index in the UK rose to +33 in April, the highest level since April 1973.
The data also indicates that the CBI export confidence index for manufacturers in the UK climbed to +27 in April, reaching a high level not seen in nearly two years.
The minutes of the Bank of England (BOE) meeting released today show that the UK economy is recovering strongly, with GDP growth expected to reach 1% in both the first and second quarters of this year.
The minutes also indicate that members of the Monetary Policy Committee (MPC) of the Bank of England believe there are signs of moderate adjustments in business investment.
According to CBI Chief Policy Director Katja Hall, although the current momentum looks good, there are still obstacles ahead, such as the lukewarm economic recovery in the Eurozone, the appreciation of the pound, and the situation in Ukraine.
Hall also pointed out in today's report that the industrial growth outlook for the next three months is positive, and manufacturers plan to significantly increase investment.
CBI data also shows that the expected balance of new orders for manufacturers in the UK rose to +21 in April, the highest level since 1995. Additionally, the investment intentions for factory and equipment spending in the UK for the next year have reached the highest level since 1997.
Data shows that UK CBI industrial order expectations balance in April fell to -1, with expectations of +7, previous value +6; the CBI industrial price expectations balance in April dropped to +9, previous value +12; the expected output value for industrial production in April soared to +32, previous value +19; and the CBI industrial export order expectations balance in April rose to -3, previous value -10.
