Chris Williamson, the chief economist at Markit, said: “July saw a dramatic deterioration in the economy, with business activity slumping at the fastest rate since the height of the global financial crisis in early 2009. Related: UK economy shrinking at fastest rate since 2009 after Brexit vote – business liveIn the first major survey of business activity and confidence since the referendum on 23 June, the services sector was particularly hard hit, showing its biggest drop on record. “I would have been surprised, therefore, if the PMI data had not dropped. “One day’s PMI data does not the economy make. Manufacturing dropped to its lowest level since February 2013, according to Markit, which compiles the data in its purchasing managers’ index (PMI).

Source: The Guardian July 22, 2016 09:05 UTC