The UK’s recession will officially begin this winter and is likely to last for most of next year, a closely watched survey out today suggests. S&P Global and the Chartered Institute of Procurement and Supply’s (CIPS) final purchasing managers’ index (PMI) measuring private sector activity in November was unchanged at 48.2, the lowest number since January 2021 when the UK was in the constrained by tough pandemic lockdowns. The reading was below analysts’ expectations but held steady from an earlier estimate. The services…
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