UK business activity expanded at its fastest pace for eight months in February.
The growth has been fuelled by the fading of the Omicron coronavirus wave and an uptick in consumers venturing out to spend on travel and leisure.
The latest IHS Markit/Cips flash composite purchasing managers’ index, a monthly survey taking the pulse of the private sector, rose from 54.2 in January to 60.2 in February, showing the highest proportion of businesses since June were reporting rising output. The data also revealed that businesses were at their most optimistic for the year ahead since May, when the economy was reopening from lockdown.
