We offer a range of high quality accounting, financial and business services in and around Milton Keynes.

UK 'on cusp of recession' after services sector shrinks

04 Oct 2019

The UK economy is 'on the cusp of recession' after the services sector suffered an unexpectedly sharp downturn last month, according to research from IHS Markit.

IHS Markit's Purchasing Managers' Index (PMI) for September fell to 48.8 from 49.7 in August. This represents its lowest level since July 2016.

A PMI reading below 50 indicates that the economy is generally contracting.

IHS Markit said the figures suggest that Britain's economy shrank by 0.1% in the three months to September.

Commenting on the survey, Chris Williamson, Economist at IHS Markit, said: 'Coming on the heels of a decline in the second quarter, (this) would mean the UK is facing a heightened risk of recession.'

If confirmed by official figures published next month, it would mean the UK has suffered two consecutive quarters of contraction – the definition of a recession.

The services sector – which covers a range of businesses, from law firms and accountants to travel agents and restaurants – represents 80% of UK economic output.

Register

Why not register to receive our monthly newswire? This is packed full of essential business news and handy tax tips to help save you money.

Learn more

Tax Calendar

Our handy tax calendar provides an overview of the key tax dates for your diary.

Learn more

Calculators

B2B’s interactive tax calculators can be used to calculate VAT due, the taxable benefits on your company car and how much your savings are worth.

Learn more

Home | About us | Contact us | Logon | Register | Accessibility | Disclaimer | Help | Site map |

© 2019 B2B Business Advisors Limited. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Chartered Tax Adviser

Registered in England, Company Registration number – 7906656. Registered Office – 58b High Street, Stony Stratford, Milton Keynes, MK11 1AQ. Registered with the Chartered Institute of Taxation as a firm of Chartered Tax Advisers. Registered to carry out audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.