The UK economy is set to shrink at an unprecedented rate after business activity this month dived at the fastest pace on record due to widespread shutdowns caused by the coronavirus pandemic, according to new figures.
The closely watched IHS Markit/CIPS Flash UK composite purchasing managers’ index (PMI) plunged to a reading of 12.9 for April, from 36 last month.
Manufacturing and services activity sank at a rate which exceeded the downturn seen at the height of the global financial crisis “by a wide margin”, the survey said.
