The British economy experienced its biggest contraction in August since the beginning of 2021, due to the impact of higher interest rates, according to the UK Composite PMI, where the decline in activity was particularly noticeable in the industrial sector.
This is the first slowdown in UK activity since January, according to the main index released by S&P Global."
According to the report, companies are witnessing a decline in orders, as a result of the reluctance of customers to enter into financial commitments in the face of rising interest rates and the increasing restrictions on household income.
Source (Al-Arabiya.net Website, Edited)
