Sterling3 Aug 2016 13:58
This morning’s PMI data confirmed that the UK economy is slowing at its fastest rate since the financial crisis, following the Brexit vote – food for thought for the Bank of England ahead their announcement tomorrow, in which a rate cut is all but guaranteed. The final reading of the UK services PMI for July came in at 47.4, down from 52.3 in June and in line with the flash reading two weeks ago. The composite index of services and manufacturing was lower than the initial estimate, down from 51.9 in June to 47.3; marking the lowest level since April 2009 and the biggest one month drop in the 20 year history of the survey.