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Is the UK economy back on the road to recovery?

Figures released this week show that UK manufacturing grew at its fastest rate in more than 15 years in March, increasing hopes that the UK economy has finally broken free of the vicious recession of the last couple of years. This is yet another positive aspect of UK economic recovery in a sea of very mixed and very different indications regarding economic activity. So can we finally say that the UK has broken free of the recession and is back on a firm growth path?

Unfortunately, there are a number of issues which come into play regarding the UK economy with liquidity in the banking arena, political uncertainty and concerns regarding the strength of the economic upturn all having a very damaging impact on the future direction of the UK economy. However, the increase in manufacturing output is a very interesting development and would appear to show that finally the UK economy has found a firm base from which to push ahead into the future.

It is also interesting to see that the purchasing managers Index confirms that manufacturing output in the UK is not only at a 15 year high but the second-highest level ever recorded in the 18 year history of the index. Hopefully we will see further progress in the April figures which should cement hopes for a UK economic revival in 2010.

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