UK PMI Shows Rapid Private Sector Growth at 21-Month High

British technology and financial services firms drove the fastest private-sector growth in almost two years, according to a closely watched survey that showed bosses approving new projects after the budget.

S&P Global’s purchasing managers’ index jumped to a 21-month high of 53.9 in January, much better than the 51.4 recorded the previous month and the 51.5 reading expected by economists. It was equivalent to quarterly GDP growth of around 0.4%, S&P said, with any reading above 50 signaling expansion.