Britain's economy looks likely to shrink over the coming months, after Brex...
LONDON - Britain’s economy looks likely to shrink over the coming months, after Brexit worries caused the dominant services sector to contract for the first time in nearly three years, a survey showed on Wednesday.
“Amid all the noise in Westminster, the latest Markit/CIPS PMI makes it clear the economy is being hit hard,” ING economist James Smith said in a note. Britain had been due to leave the EU on March 29, but parliament repeatedly opposed the Brexit deal Prime Minister Theresa May had negotiated with Brussels.
Sterling dipped after the PMI release, to $1.3156 compared with $1.3175 beforehand, but it quickly recouped losses as traders focused on the outcome of the talks between May and Corbyn. But some economists cautioned that past PMIs had tended to be too downbeat when economic uncertainty has been high.
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