UK edges towards recession as service sector sinks

Surprise contraction as British firms face sliding sales, higher costs, job losses and disruptive Brexit

Britain has edged closer to its first recession since the financial crisis after the country’s dominant service sector unexpectedly plunged into contraction last month, in a sign of the mounting stress facing the economy as Brexit looms.

According to IHS Markit and the Chartered Institute of Procurement and Supply (Cips), activity in the service sector fell as companies reported sliding sales, job losses, cancelled and postponed projects and weak investment levels.

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