Bank: Only manufacturers defy economic gloom sweeping UK

Ben Southwood
Follow Ben
THE SLUGGISH economy is showing no signs of improving and may even be slowing further, the Bank of England’s agents’ report warned yesterday.

Consumer services sold just 0.6 per cent more in the three months to May than in the same period last year, and growth in the sector slowed further in the month to June.

Turnover of business services was just 0.8 per cent up on the year, and investment intentions for services saw the same increase.

Profitability in services has shown no growth whatsoever, and employment intentions have shrunk 0.3 per cent.

On the other hand, firms with strong balance sheets were still able to find sources of credit.

One positive nugget was the rise in goods exports of 2.1 per cent, led by demand from emerging markets, itself driving expansion in the manufacturing industry.