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UK Manufacturers' Confidence Highest Since April 2014: CBI Survey

Optimism among the UK manufacturers' improved significantly in the three months to January to its highest level in nearly six years, survey by the Confederation of British Industry showed Wednesday.

The survey balance indicating manufacturers' optimism jumped to +23 in the three months to January from -44 in the October quarter, the CBI survey showed. This was the strongest reading since April 2014.

The latest surge in optimism was also the biggest swing on record in the measure in a single quarter since the CBI survey began in 1958.

However, the sentiment on the export outlook remained gloomy, but much less when compared to the previous quarter. The corresponding balance improved to -8 from -46 in October.

"With business optimism improving at its fastest pace since 2014 and some of the squeeze on investment plans lifting, it's clear manufacturers are entering the new year with a spring in their step," CBI Deputy Chief Economist Anna Leach said.

"Firms are now planning to invest more in plants and machinery, which will ultimately help increase capacity and output."

The CBI survey was conducted among 300 manufacturing firms.

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