UK Service Sector Activity Slumps in One of Sharpest Declines for a Decade The latest PMI index from S&P Global reveals a dismal picture for the UK's services sector, with business activity plummeting to its lowest level since July 2016.
This downturn is attributed to a perfect storm of domestic and international factors that are having far reaching effects on even the most seemingly insulated sectors.
The ongoing war in Iran is a key driver behind this decline, as rising costs and supply shortages take their toll on businesses.