IHS Markit warns of recession on scale 'not seen in modern history' as business activity slumps

Flash UK Composite Output Index falls to record low of 37.1

The coronavirus outbreak has dealt a "severe blow" to the UK economy, according to the latest IHS Markit/CIPS Flash UK Composite PMI, which showed there had been a record slump in business activity as emergency measures to halt the spread of the virus kicked in.

The data, compiled between 12 to 20 March, revealed the flash UK Composite Output Index fell to a survey record low of 37.1 from 53 in February, while the flash UK Services Business Activity Index registered 35.7, down from the final figure of 53.2 in February. The reading for the UK Composite Output Index signalled the fastest downturn in private sector business activity since the series began in January 1998, according to IHS Markit, with the previous low of 38.1 last seen in November 2008. Coronavirus Blog: PM Johnson enforces UK lockdown IHS Markit said that outbreak had alread...