British firms’ output grows robustly in July

Chris Papadopoullos
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UK BUSINESSES are growing strongly, with those in London expanding most quickly, new survey data show this morning.

Lloyds Bank’s purchasing man­agers’ index scored 56.7 in July – above the 50 score that signals no change.

Although it marks a slight decline on June’s 57.4, Lloyds Bank said the figure represented robust growth. It said firms had reported strong gains in new business, but that employment growth had lost momentum. London businesses registered a score of 59.

“Despite a slower start to the second half of the year, business output continues to grow. The level of job creation has dipped, showing a level of caution from businesses,” said Tim Hinton, a director at Lloyds Bank. “This could be a wider reflection of uncertainty about the EU or simply businesses keeping a closer eye on costs.”