You are here

UK economy shrinking at fastest since '09

Unprecedented drop in Markit's PMI raises the chances of the country sliding into at least a mild recession

Markit said that it was too early to know if the PMIs would stay as weak as they are now, but added that confidence about the year ahead was at its lowest ebb since February 2009 among firms in the services sector, the engine of the British economy.


BRITAIN'S economy is shrinking at its fastest rate since the 2008-09 financial crisis, making a Bank of England (BOE) rate cut on Thursday "a foregone conclusion", the publishers of a closely watched business survey said.

Financial data company Markit said that the full