Details from the July 2016 UK industrial and manufacturing production data report 7 September 2016
Prior 0.1%. Revised to 0.0%
2.1% vs 1.9% exp y/y. Prior 1.6%. Revised to 1.4%
Manufacturing -0.9% vs -0.4% exp m/m. Prior -0.3%. Revised to -0.2%
0.8% vs 1.7% exp y/y. Prior 0.9%. Revised to 0.6%
The ONS say that there was no evidence of any benefits from the fall in the pound following the Brexit vote. That's a bit of a NSS comment considering this data is for the immediate days and weeks following the vote, and clearly not long enough for the pound move to have any noticeable effect.
This data point hasn't been a bed of roses for sometime, and well before the vote anyway so we can't really point the finger at Brexit at all. Aside from the manufacturing aspect, the industrial side isn't likely to be overly affected by Brexit anyway due to the nature of things produced. When you're talking about oil & gas extraction, electricity gas and steam production, water supplies and waste management, they're not the sort of things that really change whether we're in Europe or not. We all still need to heat homes, switch on lights and the kettle, go to the bog and have showers (on our birthday's) ;-)
All that hasn't stopped the pound from getting hit and guess what, we've just been down to test the old broken support around 1.3370 and so far it's held. If it stays above there's a good chance of re-taking 1.3400.
UK industrial and manufacturing production y/y
