"The good news is that manufacturing clocked up a fifth straight rise, whilst cost pressures have eased a little and some firms are still recruiting, " said Lee Hopley, chief economist at EEF, the manufacturers' organisation.

BBC: UK manufacturing growth 'slowed in April'

The firm looked at two hypothetical scenarios: one in which interest rates rise one percentage point a year for three years straight, with rates creeping up steadily each month, and a second where rates jump two percentage points over three months and then remain steady for the remainder of the three years.

WSJ: A 401(k) Defense Against Rising Rates