Consumers were cutting back and business clients were delaying decisions on spending until after the election, according to the IHS Markit survey Victoria Jones / PAActivity in the UK’s dominant services sector slipped in May as businesses reported that consumers were cutting back on spending and clients delaying decisions before the general election, according to a closely watched survey. Economists said the sector that drives most of the growth in the UK economy had “lost some of its force” last month because of caution over the general election and a tightening of the purse strings after a recent rise in the rate of inflation to 2.7 per cent. The Purchasing Managers’ Index for the services sector, which is considered one of the best indicators of growth and measures elements such as expectations, new orders and employment, slipped to 53.8 in May after rising to a four-month high of 55.8 in…

Source: The Times June 05, 2017 11:03 UTC