This is a bad time to be making things. UK manufacturing output slumped by 2.9% in November and was down by more than 7% on a year earlier. Overall industrial production fell by 2.3% on the month. In the latest three months manufacturing output fell by 3.3% and was down by 5.2% on the corresponding period a year earlier. The downturn in manufacturing is a worldwide phenomenon. There is, however, scant comfort in that. More details here.

Meanwhile, the FT-Acadametrics house price index, which I regard as the best overall measure, showed a drop of 1.8% in December and was down by 10.4% on a year earlier.