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UK economic momentum grows yet Red Sea crisis knocks factories

UK economic momentum grows yet Red Sea crisis knocks factories

Posted on January 29, 2024   |  

Britain's economy began 2024 on a positive note, with a rise in the preliminary S&P Global/CIPS UK Composite PMI to 52.5 in January, the highest in 7 months, driven by growth in the services sector.

Despite this, the manufacturing sector in Britain faced challenges due to inflationary pressures arising from tensions in the Red Sea.

The Bank of England is set to announce its latest interest rate decision and economic outlook on February 1.

The services sector's PMI headline measure reached 53.8, marking an 8-month high, while manufacturing contracted at a slower pace, registering a PMI of 47.3.

Factories saw the 1st growth in input costs since April, attributed to the re-routing of ships away from the Red Sea, leading to increased freight costs and delivery times. 



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