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The Chartered Institute of Purchasing and Supply (CIPS) said its Purchasing Managers' Index rose to 54.9 from September's 10-month low of 53.5. With a figure of 50 or above indicating growth, it is a sign of renewed strength in the manufacturing sector. Yet, CIPS said firms also seemed concerned about future inflation.

Britain's manufacturers have reported another month of steady growth, taking the annual pace of expansion to a near-16 year high, but economists are still sceptical as to whether the recovery would last.

The Engineering Employers' Federation (EEF) in the UK has observed and reported a remarkable recovery in the manufacturing industry.

Manufacturers have had a lot to grapple with over the past two years. Responding to very rapid changes in economic conditions meant big decisions on where to reduce costs, how hold on to skilled employees; how to manage supplier relations and where to focus efforts and resources for the recovery.

Hetal Mehta, Senior Economic Advisor to the Ernst & Young ITEM Club, believes that manufacturing will continue to lead economic recovery in the UK. Mehta made the assumption following news that UK manufacturing in May grew at its fastest pace in more than 15 years.

By Fiona Shaikh and Sumeet Desai

The Bank of England's Monetary Policy Committee today, April 9, voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5 percent.