British economic growth ‘near stalling’: Survey
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UK economic growth is "near stalling", partly due to uncertainty over the EU referendum, according to a closely-watched survey.
British economic growth slowed in April and is "near stalling", partly due to consumer uncertainty over the EU referendum about UK membership, according to a new survey.
According to Press TV, London-based Markit, a global financial information and services company, said its Purchasing Managers' Index (PMI) surveys for last month pointed to growth of just 0.1 percent.
The latest PMI survey indicated the British services sector rose at its slowest pace in three years in April.
The services PMI reading fell to 52.3 from 53.7 in March. A reading above 50 indicates growth.
Chris Williamson, chief economist at Markit, said the surveys were a "triple-whammy of disappointing news".
"Some of the slowdown may be attributable to the early timing of Easter, though April also saw an increase in the number of companies reporting that uncertainty about the EU referendum caused customers to hold back on purchases, exacerbating already-weak demand linked to global growth jitters and ongoing government spending cuts," he said.
Earlier this week, similar surveys from Markit showed UK factory activity contracted in April for the first time in three years, while construction activity grew at its slowest pace for nearly three years.
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