London defies national slump

Ben Southwood
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A RESURGENT London bucked a national downward trend in business activity during July, says a survey released by Lloyds today.

London hit a two-month high of 53.3 on the purchasing managers’ index (PMI) survey of business activity for July, well up on June’s 51.6. But the country as a whole collapsed to a 39-month low of 49.4 from last month’s positive 51.4 – a figure of 50 would indicate no change in activity.

“Stark contrasts in output trends were seen across the regions,” said David Oldfield at Lloyds.