Best Year in the Last Decade for the British Manufacturing Industry

Economy Nilgun Salim
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British factories staged one of its sharpest rebounds on record in August, although the weakened pound sterling supported exports.

According to Financial Times, the encouraging results left the impression that leaving the European Union was actually an inspired move for the UK and the economic activity is stable.

“The factories are coming back on track”, said EEF economist Lee Hopley.

In comparison with the euro, the pound sterling stabilized and is heading for its longest rally in the last four weeks. Last month the PMI market index registered a 53,3% rise, considering that in July registered a 48,3% rise.

According to GfK,  British consumers are gaining back their confidence in the UK’s economy.

Despite the British economy is more or less stable, salaries across the country dropped by 3%.

People searching for a job in the UK started to feel the Brexit impact. If in July the average salary was £27,600, with 2,4% less than 2015.

Financial experts predicted that the economic shock of leaving the European Union would cause unemployment to rise in the UK.

The British Treasury estimated that wages will be between 2.8% and 4% lower at the point of maximum impact, with a typical worker at least £780 a year worse off.

Following the vote, the median income of a CEO dropped from £10,000 to £850,000.

According to Daily Mail, six in ten British workers believe Brexit will boost their salaries and are confident that quitting the EU will have a positive effect on their career prospects.