UK risks double-dip recession amid second Covid lockdown

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Economy shrinks as service sector suffers steepest fall in activity since May

The first snapshot of the UK economy during England’s four-week lockdown has shown evidence of a looming double-dip recession as tougher restrictions took a toll of large chunks of service-sector output.

The monthly survey from IHS Markit and Cips reported the steepest fall in activity since May, with the closely watched purchasing managers’ index (PMI) dropping from 52.1 to 47.4. A reading below 50 indicates that the economy is contracting.

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