A new survey from S&P Global and the Chartered Institute of Procurement and Supply has shown a “severe and accelerated” decline in the UK’s manufacturing output in August, as well as weaker activity in the service sector.
The monthly business survey revealed companies’ growing worries over inflation, highlighting cost pressures as a significant concern.
“The incoming prime minister will be dealing with an economy that is facing a heightened risk of recession,” said Chris Williamson, chief business economist at S&P Global Market Intelligence.
Williamson added that the economy faces a “deteriorating labour market and persistent elevated price pressures linked to the soaring cost of energy”.
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