British manufacturing shrank at its fastest pace in more than three years in July and business confidence tumbled following the Brexit vote, according to surveys that show an increased chance of a recession ahead.
The news will give more impetus for the Bank of England to cut interest rates this week.
Falling output and new orders pushed a closely watched index of factory purchasing managers to its lowest since February 2013, adding to signs that Britain’s decision to leave the European Union is hurting the economy.
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Craig Erlam
His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.
Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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