Output falls in December

ONS figures reveal that UK industrial output fell 0.2% in December, partly hit by maintenance work on North Sea oil and gas fields. However, year-on-year industrial output was up 1.7% and manufacturing growth of 0.1% in the month surprised economists, who had forecast a 0.1% decrease. Meanwhile, the National Institute of Economic and Social Research has predicted that construction growth went into reverse between October and January, and that only the services sector expanded.