UK industrial activity rises for the first time in five months

Data released by Markit Corporation today showed that the UK Manufacturing Purchasing Managers' Index rose to 57.8 points in October from 57.1 points in September, the first rise in five months. The production index fell to 51.3 points in October, compared to 52.7 points in September, the lowest level in eight months.

Markit said that the prices charged by factories rose by the most in the survey's more than 20-year history. The Bank of England is expected to raise interest rates on Thursday for the first time since the start of the coronavirus pandemic, raising the central bank rate to 0.25% from an all-time low of 0.1%.