Now even the CBI has to admit we’re booming!

BOOMING demand for electronics and machinery have helped trigger a manufacturing bounce-back, suggesting the economy is picking up.

Factory output is growing at its fastest pace since December, according to a survey by the Confederation of British Industry (CBI).

Export orders are holding steady at well above average levels, the CBI added - in

line with their performance for the past 16 months - as the fall in the pound after the Brexit vote makes our products more internationally competitive.

The CBI said there was particularly strong demand in the metals, mechanical engineering, food, drink and tobacco industries.

The positive picture appears to contradict the CBI’s europhile bosses, who warned before the referendum that Brexit could cost the country £100billion and destroy nearly a million jobs.

Last week outgoing CBI president Paul Drechsler said that parts of UK manufacturing risked becoming extinct unless the country stays within a customs union, which would likely leave us following rules laid down by Brussels.

He had previously urged chief executives to use clout to turn the public against Brexit. But the latest figures were welcomed by the business group’s own economists, who said it suggests a temporary pause in growth appears to have come to an end.

Anna Leach, CBI head of economic intelligence, said: ‘The recovery in orders and a return to bumper growth in production suggests the lull in manufacturing activity may be over.’

The survey of 388 manufacturers found a third reported above-normal order books, while 20 per cent said orders were lower than usual. And 43 per cent said output had risen in the three months to June, against 13 per cent who said it had fallen.

Companies are also less concerned about inflation, with fears over price rises close to their lowest in a year.