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Omicron causing sharp slowdown in Britain’s economy, figures show
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Britain’s economy has suffered a sharp slowdown since the arrival of the Omicron Covid variant and activity is at its weakest since February when a full lockdown was in force, a report has shown.
The monthly flash estimate of economic activity compiled by IHS Markit and the Chartered Institute of Procurement & Supply (CIPS) reported a marked impact on the service sector from a tightening of government restrictions and a more cautious approach by consumers.
The findings of the closely watched composite purchasing managers’ index (PMI) will add to the mounting pressure on the chancellor, Rishi Sunak, to offer financial help for hospitality and retail businesses struggling during their vital pre-Christmas trading period.
According to IHS
Read more on theguardian.comAbout this in other media
European markets slightly lower as investors monitor omicron developments cnbc.com /2 years ago
Omicron cases 70% less likely to be hospitalised, UK health agency report suggests euronews.com /2 years ago
Dismal post-Christmas forecast for Omicron-hit high streets in UK theguardian.com /2 years ago
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