Britain’s economic recovery is beginning to look entrenched. After years of lagging behind most of the world’s major economies, data published yesterday show the UK, for now, is a world-beater.
Activity in the dominant services sector, which makes up more than three quarters of Britain’s economy, expanded at a faster pace than in any other major economy last month. The composite PMI, which includes the better than expected reading for the manufacturing sector published last week, was also the highest in the world.
At 59.5 – well above the crucial 50 figure that marks expansion in activity – the July reading is at its highest since the series began more than 15 years ago.
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