UK economy 'shrinking' as boost from stockpiling fades Independent.ie Data to be released today will show UK manufacturing slumped in April as the boost from Brexit stockpiling evaporated and car factories halted work, boding ill for the economy in the second quarter. https://www.independent.ie/business/brexit/uk-economy-shrinking-as-boost-from-stockpiling-fades-38196741.html https://www.independent.ie/incoming/article38196555.ece/eef2c/AUTOCROP/h342/GettyImages-1134568501.jpg Email Data to be released today will show UK manufacturing slumped in April as the boost from Brexit stockpiling evaporated and car factories halted work, boding ill for the economy in the second quarter. The numbers are set to show that production fell by 1.4pc from March, the biggest decline since the start of 2017, according to a Bloomberg survey. With little support from construction and the dominant services industry, the economy probably shrank for a second consecutive month. Please log in or … [Read more...] about UK economy ‘shrinking’ as boost from stockpiling fades
Uk economy
UK economy is stalling despite service sector growth
Britain’s services sector failed to keep the economy afloat last month, registering a modest increase in activity that was not enough to offset falling output in the manufacturing and construction sectors. The IHS Markit purchasing managers index (PMI) for the services sector, which mainly covers business-to-business activity, increased to a three-month high of 51 in May from 50.4 in April, following a rise in domestic orders. A figure above 50 indicates growth. IHS Markit said a combination of the services, manufacturing and construction sector surveys indicated that the economy was at its weakest since 2012. To emphasise the point, the figures showed that a year-long slump in export orders persisted in May, highlighting the difficulties UK exporters are facing as Brexit uncertainty continues through the summer. The PMI showed that new export business began to shrink last September and has failed to recover since then. In May the index showed that new business exports stood at … [Read more...] about UK economy is stalling despite service sector growth
UK economy ‘close to stagnation’ despite service sector growth
The UK service sector beat analysts’ expectations to reach a three-month high in May, according to survey data released today by IHS Markit and the Chartered Institute of Procurement & Supply (Cips). Read more: UK manufacturing sector shrinks to 34-month low Nevertheless, IHS Markit said the UK economy is “close to stagnation” as Brexit and a global slowdown drag on growth in the service sector, having sent manufacturing into contraction in May. The services purchasing managers’ index (PMI) – a closely-watched gauge of the industry’s health – rose to 51.0 in May from 50.4 in April. This was above analysts’ expectations of 50.6. A score over 50 indicates growth. A modest rebound in new business boosted the sector, which saw the biggest rise in employment since November 2018. Business optimism improved to its best score in eight months as bosses predicted stronger growth. The news came a day after IHS Markit and Cips showed … [Read more...] about UK economy ‘close to stagnation’ despite service sector growth
IoT cyberattacks could cost UK economy £1bn per year
Cyberattacks targeted at Internet of Things (IoT) devices could cost the UK more than £1bn per year, a new report has warned. Research from Dutch software firm Irdeto revealed IoT devices are often considered “low-hanging fruit” by cyber criminals, who are taking advantage of lax security measures to disrupt or extort businesses. Read more: Firms must be more open about cyber attacks, says asset management boss Respondents who had suffered an IoT-related cyber attack estimated an average cost to their business of £244,000 over the last year, according to the survey, while the most common form of breach was a malware attack. In addition, more than half of the businesses questions experience a service outage as a direct result of an IoT-related attack, in a sign breaches are becoming more widespread. The report warned vulnerabilities in devices could pose a serious risk to safety and privacy, particular as IoT products enter critical industries such as healthcare, … [Read more...] about IoT cyberattacks could cost UK economy £1bn per year
Liam Fox hails musicians as ‘unsung heroes’ of the UK economy
International Trade Secretary Liam Fox has called musicians the “unsung heroes” of the UK economy as further funding is announced for British acts. New financial backing will allow a raft[...] You have reached your limit of free articles Registered users get 5 regular articles and 1 free Premium article per week. … [Read more...] about Liam Fox hails musicians as ‘unsung heroes’ of the UK economy