Services companies cut staff at the fastest rate in more than seven years and consumers rein in their spending
London — Britain’s economy came close to stagnating again in February as services companies, preparing for Brexit, cut staff at the fastest rate in more than seven years and consumers reined in their spending, surveys showed on Tuesday.
After touching its lowest level in January since immediately after the Brexit referendum in 2016, the services PMI edged up to 51.3 from 50.1. That was better than the median forecast of 49.9 in a Reuters poll of economists.But Howard Archer, an economist with EY Item Club, a forecasting firm, said the risk was very real that economic growth in the first quarter of 2019 would be weaker than his forecast of 0.2%.
Britain’s economy defied forecasts of a recession after the 2016 referendum vote to leave the EU. But growth slowed sharply in late 2018 as worries mounted about the possibility of an abrupt, no-deal Brexit on March 29, and the global economy also weakened.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UK pulls debate on Brexit bill after pressure from JerseyAmendments to the Financial Services Bill would force British dependencies to expose the real owners of companies by 2020
Read more »
UK MPs back May’s new plan which could delay BrexitAn amendment put forward by Labour leader Jeremy Corbyn calling on the government to adopt Labour's preferred Brexit position, was defeated.
Read more »
Newsdeck: Aston Martin Falls as Brexit Hurts U.K. Sales After Pricey IPOAston Martin fell the most since its controversial initial public offering last year as the luxury carmaker said some U.K. and European buyers are delaying purchases amid uncertainty around Brexit.
Read more »
UK TV rivals plan to work together to stand up to NetflixThe BBC, Britain's mainly state-funded broadcaster, and London-listed ITV hope to launch BritBox in the second half of 2019
Read more »
Critics say 'Thank U, Next' to Ariana Grande for UK pride headlinerCritics say 'Thank U, Next' to Ariana Grande for UK pride headliner
Read more »
UK watchdog tells asset managers to review cost disclosuresBritain’s Financial Conduct Authority is looking at how to make it easier for retail investors to compare products, with clarity on costs and fees
Read more »
‘Clear and present danger’ blamed as UK car output slumpsUK car production dives18% in January compared with a year earlier
Read more »
UK urged to pull its weight to support African refugeesBritain should practise what it preaches to African countries by doubling the number of vulnerable refugees it hosts and reviewing policies that restrict an asylum seeker's right to work, lawmakers said on Tuesday.
Read more »
UK tribunal hears slew of sexual harassment complaints against SA-born doctor | IOL NewsThe orthopaedic surgeon allegedly groped a trainee’s breasts and slapped another woman’s bottom, telling her to “have an affair before she dried up”.
Read more »