Economic output has slumped to its lowest level since May 2020, according to analysis from Lloyds Bank.
A dozen of the 14 key sectors across manufacturing, services and construction experienced a drop in output in October, up from nine in September and the highest number to report contraction since the first lockdown.
Soaring inflation was behind the decline, forcing businesses and consumers to cut back on spending to cope with rising costs, the data collated from purchasing managers’ indices showed.
