The news of the vaccine raises consumer confidence in Britain … and factories are growing

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Polls company YouGov said today, Tuesday, that British consumer confidence has improved slightly with the increased likelihood of getting vaccines against Covid-19.

It added that its consumer confidence index increased to 102.3 from 101.4 a month ago.

In addition, Tuesday’s survey showed that British factories recorded the fastest growth in nearly 3 years last month.

It stockpiled raw materials and scrambled to complete work before new post-Brexit customs rules take effect on January 1.

The IHS Market / CIBS Purchasing Managers’ Index rose to 55.6 in November from 53.7 in October, its highest level since December 2017 and up from a previous initial reading of 55.2, bucking a darker picture. In other sectors hit hard by Covid.

Britain and the European Union have yet to reach an agreement to allow duty-free trade from January 1. Even with an agreement, many exporters fear long port delays due to new customs requirements.

Factory production, only one component of the PMI, accelerated, but showed slower growth than it did during the summer after the second wave of COVID-19 cases reduced demand for some consumer goods. New orders declined the most in 6 months.

The latest official data showed that factory production in September fell by nearly 8% compared to the previous year, similar to the rest of the economy.



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