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    Recession back on track as manufacturing slumps

    Slide in manufacturing output in January puts further pressure on pound and raises likelihood of Bank of England injecting

    further funds into economy

    A slump in building material production has hit the manufacturing sector. Photograph: Neil Hall/Reuters

    The UK could be on course for a third recession since the financial crash following a dive in manufacturing output in January.

    According to official data, a sharp fall in the production of pharmaceuticals and building materials pushed manufacturing 1.5%

    lower than December and 3% lower than the same month last year.

    The dismal news sent the pound sliding by almost a cent against the dollar to a new two-and-a-half-year low of $1.484.

    A forecast by the National Institute for Economic and Social Research emphasised the weak state of the economy after it

    predicted GDP contracted in the last three months. The thinktank said national income contracted by 0.1% compared to 0.2%

    for the three months to the end of January.

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