The UK manufacturing sector experienced further solid growth of production and new orders during February. Although rates of expansion slowed, they remained well above the respective long-run averages. Increased new business inflows were underpinned by improved domestic and overseas demand, the latter aided by the continued weakness of the sterling exchange rate.

The seasonally adjusted Markit/CIPS Purchasing Managers' Index (PMI) posted 54.6 in February, a three-month low and down further from December's two-and-a-half year high.