UK business activity sees sharpest drop in two years

S&P Global’s flash UK PMI

UK business activity has seen its sharpest drop since the national lockdown in January 2021, according to a new survey.

The S&P Global's flash UK purchasing managers' index, a survey of activity in manufacturing and services, reported a "sustained downturn" as it fell to 47.8 in January from 49.0 in December. "Service providers experienced a marked loss of momentum since December, with survey respondents citing higher interest rates and low consumer confidence as key factors that held back business activity," the analysts on the survey said. UK public sector sees record high borrowing for December The survey, which collected data between 12-20 January, reported a figure below the neutral threshold o...