Heightened Brexit uncertainty led the sector to cut back on staffing for the first time since the end of 2012 Philip Toscano/PABritain’s dominant services sector came to a virtual standstill last month as companies began to cut staff numbers for the first time in six years, according to a closely watched survey that has hit the value of the pound. The latest snapshot index on services compiled by IHS Markit and the Chartered Institute of Procurement & Supply generated a reading of 50.1 in January, down from 51.2 in December and perilously close to the 50 mark that separates growth from contraction. It was the lowest reading for two and a half years and the second weakest showing since December 2012, according to IHS Markit/CIPS, which added that order volumes slowed and the backlog of work fell for the fourth month in a row. Caution about…

Source: The Times February 05, 2019 12:00 UTC