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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

Published Wed, Aug 3, 2016 · 09:50 PM
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London

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 version of its monthly Purchasing Managers' Index (PMI) on Wednesday showed a sharp hit to business activity from June's European Union (EU) vote, just as a one-off preliminary PMI did two weeks ago.

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