The UK's manufacturing sector has seen its most dramatic rise in output in almost a year, according to the BBC. March saw manufacturing levels increase by 0.7%, significantly higher than February's figure of -0.1%.

The figures were well ahead of expectations, and represented the biggest month-on-month rise in manufacturing output since April 2005. "The growing evidence of significant recovery in the manufacturing sector will reinforce expectations that the next move in interest rates is up," said Howard Archer, an economist at Global Insight.

The figures come a day after The Bank of England issued its quarterly inflation projections, indicating that the UK would reach its 2% inflation target, assuming interest rates were raised slightly. Many analysts are now saying any change to the interest rate is likely to be upwards, though when remains uncertain.