UK Services Sector Hit By Election and Consumer Squeeze

Britain’s services grew more slowly than expected last month as businesses put off investment decisions before this week’s national election and higher inflation squeezed households, a survey showed on Monday.

The British economy looks as if it has recovered some of its momentum after slowing in the first three months of 2017, when the cost of the pound’s fall after last year’s Brexit vote caught up with consumers.

But financial data company IHS Markit, which conducted the survey, said May’s weak performance by services increased the risks that quarterly growth in the overall economy might not hit its forecast of 0.5 percent.

Reuters

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