CBI says soaring pound has battered UK export drive

Employer group says UK too reliant on services for growth and rise in sterling, especially against euro, has hit export orders

The soaring value of the pound has battered Britain's manufacturing exports, leaving the economy reliant on the consumer-driven services sector for growth, the CBI has warned.

The business lobby group said the UK economy looked likely to gather momentum over the coming months after a steady performance so far this year, but said the strong pound had triggered a slide in export orders.