UK Recession Worsening as Living Costs Squeeze Bites, PMIs Show
- Readings suggest economy is shrinking at a 0.4% quarterly rate
- Services see largest fall in new orders since January 2021
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The UK economy is in recession with the downturn expected to worsen heading into 2023, a key survey warned.
S&P Global said its poll of purchasing managers suggests the economy is shrinking at a quarterly rate of 0.4%. Gloom was widespread in November, with services firms seeing new business fall at the fastest pace for almost two years.