Factories in upbeat mood despite fears over economic impact of US war on Iran, poll finds

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UK manufacturers ramped up production last month for the fourth consecutive month and at the fastest pace in almost two years, according to a leading survey of the industry.

The S&P Global poll of manufacturers found them in upbeat mood in July, though anxious about the prospect of a long war in the Middle East that would block supplies of oil and gas, and raise the cost of production.

Exclusive: Ro Khanna says ‘reindustrialization’ effort would provide grants, loans and investments to smaller businesses

Democrats in the US Congress have laid out plans for what they say would be the “boldest” bid to revitalize the country’s industrial heartlands since the second world war – using revenue raised by tariffs on China.

A bill introduced this week would create a new bank to strengthen domestic manufacturing, provided with up to $15bn in funds each year.