The manufacturing sector in Britain witnessed an increase in growth levels to its highest level in three years during the month of December, as factories rushed to complete work before the end of the transition period after Britain's exit from the European Union.
The UK Manufacturing PMI showed in its final reading for December a growth of 57.5, after November's reading of 55.6, while the preliminary reading was of 57.3.
The latest official data showed that last October, factory production was 7.1% less than in 2019, largely due to lower demand in industries facing consumers as a result of closures due to the Coronavirus.
Prime Minister Boris Johnson managed to reach an 11-hour agreement with the European Union on December 24 to avoid customs duties on trade in goods with the European Union. However, trade between the two economic regions will still face significant additional paperwork from January 1.
The British pound saw a significant increase during Monday's trading against the dollar, as it climbed to the highest level since May 2018 at 1.3702, and it had opened trading today at 1.3647, while is currently trading at 1.3677.
This rise in the levels of the pound sterling comes in light of the improvement in the growth data in the Britain’s manufacturing sector, in addition to the decline in the levels of the US dollar against major currencies.