UK business activity is growing at the slowest pace since September as the war in the Middle East resulted in the steepest month-on-month acceleration in manufacturing costs since 1992, according to a closely watched survey.
The S&P Global Flash UK PMI composite output index, a measure of activity in the private manufacturing and services sector, fell to a six-month low of 51 in March, down from 53.7 registered in the previous month, data published on Tuesday shows.
Chris Williamson, chief business economist at S&P Global Market Intelligence, said: “The war in the Middle East has hit the UK economy in March, stalling growth while driving inflation sharply higher.”
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