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UK economy wilts after Brexit as PMI dips most in 20 years

PMI for services sector falls to 47.4 in July from 52.3 in June, the steepest drop since records began in 1996

SLOWDOWN: The Markit PMIs, which give an early indication of how GDP is likely to perform, suggest that the £1.8 trillion (S$3.2 trillion) UK economy is shrinking faster than at any time since the aftermath of the global financial crisis.

MORE SPENDING: Mr Hammond has hinted at loosening the national purse strings.


BRITAIN'S economy is shrinking, the broadest survey of business confidence since last month's historic vote to quit the European Union (EU) showed on Friday, piling pressure on new Prime Minister Theresa May's government to soften the impact.

Philip Hammond, the new finance...