Pound Plunges as ‘Dramatic Deterioration’ in UK Economy Stokes Brexit Recession Fears

by Tara Cunningham, Business Reporter

[…] UK economy contracts at steepest pace since 2009

The UK economy contracted at its steepest pace this month since 2009, data from Markit showed. An early edition of Markit’s purchasing managers’ indices showed the services sector suffered its biggest drop in its 20-year history in the wake of the Brexit vote. The PMI for the services sector fell to 47.4 in July from 52.3 in June, the lowest reading since March 2009, around the nadir of the global economic recession.

The manufacturing PMI fell to 49.1 from 52.1 in June, the lowest since February 2013. The composite index, which combines services and manufacturing, slumped to 47.7 from 52.4, the weakest reading since April 2009.

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