Pound falls

The pound has fallen against the dollar and the euro after official figures showed UK manufacturing output fell by 1.5% in January from the month before, reports accountancy services Harris & Co.

The drop came after a 0.9% rise in output in December, and has added to fears of a third recession since 2008.

The pound hit a two-and-a-half-year low of $1.4832 against the dollar, later recovering to $1.4887. And the euro was up 0.5p against sterling, at 87.8p.