“If the current speed of construction sector retrenchment is sustained, it will soon ripple through the supply chain, and spillovers to other parts of the UK economy will quickly become apparent.”
Bank of England Governor Mark Carney said on Thursday that “profound uncertainties” about Brexit and the rise of protectionism in the global economy were weighing on Britain.
IHS Markit said commercial work was hardest hit in July while civil engineering and housebuilding also shrank.
Construction accounts for 6% of Britain’s economy, which has relied heavily on spending by consumers to offset a fall in business investment during the Brexit crisis.
On Thursday, a PMI for the manufacturing sector – which represents 10% of Britain’s economy – held at a six-and-a-half-year low in July and output fell by the most in seven years.
Source: RTE
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