Britain’s economy is contracting at its steepest pace since early 2009 as a result of the vote to leave the European Union, according to a survey published on Friday. They dropped since June at the steepest pace in the survey’s history, Markit said. ‘Dramatic deterioration’“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,” said Chris Williamson, chief economist at Markit. The survey is one of the first indicators of the country’s economic health following the vote as the data was collected July 12-21. The so-called purchasing managers’ survey, a gauge of business activity conducted by IHS Markit, shows its composite output index fell to 47.7 points in July from 52.4 in June, an 87-month low.

Source: The Hindu July 22, 2016 10:18 UTC