UK industrial output dips

UK industrial output fell by 0.5 per cent in June compared the previous month, according to official figures.

The Office for National Statistics said industrial output fell 0.5 per cent in June, confounding forecasts for a 0.2 percent rise, after oil and gas output fell 6.0 percent on the month, its biggest fall in just under a year.

Manufacturing output rose 0.3 per cent on the month, also below expectations for a 0.4 per cent rise.

The ONS said the decline in oil and gas extraction was due to maintenance work being carried out in June, rather than in August when work on oil fields is normally done.

Meanwhile separate data showed that the number of people declared insolvent in the second quarter fell by 2.6 per cent.