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UK’s economy gathers speed, inflation pressures mount – PMIs

Mount Equity Group Tokyo, Japan > News > Markets > UK’s economy gathers speed, inflation pressures mount – PMIs

LONDON (Reuters) – Britain’s economy unexpectedly regained momentum in October and cost pressures rose by the most in more than 25 years, according to a survey on Friday that could encourage the Bank of England to raise interest rates for the first time since the pandemic.

FILE PHOTO: Workers walk towards Tower Bridge during the morning rush hour, amid a relaxation of lockdown restrictions during the coronavirus disease (COVID-19) pandemic in London, Britain, September 15, 2021. REUTERS/Toby Melville

The preliminary “flash” IHS Markit/CIPS flash Composite Purchasing Managers’ Index rose by the largest amount since May to hit 56.8 from September’s 54.9. By contrast, a Reuters poll of economists had pointed to a further slowdown to 54.0.

“The UK economy picked up speed again in October, but the expansion is looking increasingly dependent on the service sector, which in turn looks prone to a slowdown amid the recent rise in…

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