Slump in trading: Turnover of a quarter of ALL British companies dropped last month, ONS reveals
Almost a quarter of UK firms have revealed a slump in trade over the past month as cost-of-living pressures continue to bite, according to new figures.
The Office for National Statistics (ONS), in its latest fortnightly business survey, found 24% of companies said their turnover dropped in June compared with May.
It comes as half of firms reported that they purchased more expensive goods and services over the month.
UK inflation increased to 9.1% in May amid surging energy prices and is expected to have risen further in June when the latest readings are confirmed later this month.