UK Business Activity Accelerates: Strongest Pace in 12 Months

The UK’s business activity experienced a surge in August, marking the fastest pace of expansion in a year. This growth is attributed to increased demand for services and manufacturing sectors, which contributed significantly to the overall rise in the S&P Global UK Composite Purchasing Managers’ Index (PMI). The index climbed to 53 in August from 51.5 in July, surpassing the 50-point mark signifying expansion.