Subdued consumer spending and higher costs for businesses have contributed to the loss of momentum in the services sector Leon Neal/GettyActivity in Britain’s dominant services sector slowed sharply last month as uncertainty continued to loom over the economy during volatile negotiations over Brexit. Growth in the sector, which accounts for the bulk of national output, stalled to its slowest pace since the prolonged winter chill cooled activity earlier this year, according to a closely watched survey. The purchasing managers’ index (PMI) for services fell from 53.9 to a seven-month low of 52.2 in October, far short of City expectations of 53.8. Optimism levels among UK executives also fell to their lowest level since July 2016, in the weeks after the country voted to leave the European Union. IHS Markit, which compiled the research, said that the weak findings added…

Source: The Times November 05, 2018 12:00 UTC