The UK will be the best performing large economy this year, according to the IMF. Factory output is picking up strongly, so has the pound. However, manufacturing is still well below pre-crisis levels.

Neil Prothero, Deputy Chief Economist at the EEF - the manufacturers' organisation for UK manufacturing companies - has observed positive growth over the last several months in the manufacturing industry. A recent quarterly survey conducted by the EEF showed improvements in: output levels, hiring intentions, and investment plans. The outlook for the manufacturing industry appears optimistic with the EEF predicting manufacturing output to grow at a rate of 2.7 percent.

It is worth noting that manufacturing output is still 8.2 percent below pre-crisis levels and the economy has a long way to go until a full-recovery can be attained.