Britain’s economy risks stalling or contracting as Brexit nears and a global slowdown worsens, with firms in the dominant services sector reporting job cuts for the first time in six years and falling new orders. That marked the PMI’s lowest level since July 2016 and was barely above the 50 mark that separates growth from contraction. Britain’s economy defied forecasts from some economists that it would go into recession after the 2016 referendum vote to leave the European Union. Overall, the survey suggested Britain’s economy is flat-lining after losing momentum late last year. That caution was evident in Tuesday’s survey, covering the bulk of Britain’s private sector economy.

Source: The Irish Times February 05, 2019 10:30 UTC