Topic: | Brexit plunges UK economy to worst level since 2009, data suggests | |
Posted by: | Will Watson | |
Date/Time: | 22/07/16 09:56:00 |
Britain's decision to leave the EU has led to a "dramatic deterioration" in economic activity, not seen since the aftermath of the financial crisis. Data from Markit's Purchasing Manager's Index, or PMI, shows a fall to to 47.7 in July, the lowest level since April in 2009. A reading below 50 indicates contraction. Both manufacturing and service sectors saw a decline in output and orders. However, exports picked up, driven by the weakening of the pound. |