UK economy faces sluggishness at home and abroad, warns Bank

THE UK economy is slowing across the board, according to the Bank of England’s business conditions summary, published yesterday.

Construction output declined in November, the Bank’s agents found, and growth also slowed in manufacturing, business services, and exports.

Uncertainty in the economic situation is in part to blame – “employment intentions had softened recently, with increasing uncertainty leading to greater caution in some cases,” the Bank said. Such concerns have also fed through to wages, with staff now “more concerned about job security than pay.”

And an Ipsos Mori study out today found that just nine per cent of British people expect the economy to improve in the next six months, and 10 per cent describe the economy as “good.”