The UK is on the verge of sliding into recession as business activity hits the lowest point in over two years. Industrial disputes, staff shortages, the cost of living crisis and high interest rates have all contributed to the bleak economic outlook.
The UK is on the verge of sliding into recession as business activity hits the lowest point in over two years.crisis and high interest rates have all contributed to the bleak economic outlook.According to preliminary data from the so-called flash purchasing managers index , the current downturn is the fastest rate of decline since the national lockdown in January 2021.
This is particularly the case for the services sector – including shops, restaurants, pubs and hotels – whose business activity has fallen steeply month on month. Since the start of the year, ‘jobs also continued to be lost as firms tightened their belts in the face of these headwinds, though many other firms reported being constrained by an ongoing lack of available labour,’ he added.
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