UK preliminary June services PMI fell to 48.7 from 49.3, the weakest reading since January 2023 and below all economists in the REUTERS SURVEY, which had forecast a rise to 50.1. The survey showed sharp declines in employment and new business, with the new business index at its lowest since January 2021. The release came a day after Prime Minister Starmer announced his resignation, underscoring the difficult economic backdrop for incoming PM Andy Burnham, assuming no other Labour MPs challenge h

UK preliminary June services PMI fell to 48.7 from 49.3, the weakest reading since January 2023 and below all economists in the REUTERS SURVEY, which had forecast a rise to 50.1. The survey showed sharp declines in employment and new business, with the new business index at its lowest since January 2021. The release came a day after Prime Minister Starmer announced his resignation, underscoring the difficult economic backdrop for incoming PM Andy Burnham, assuming no other Labour MPs challenge his bid for the premiership.