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UK Economy is on a decline

Britain’s economy is losing momentum as worries about Brexit mount, according to a survey which showed growth in the country’s dominant services sector in August was at its weakest in nearly a year.

The Services Purchasing Managers’ Index fell to 53.2 in August from 53.8 in July and below the median forecast of 53.5 in a poll of economists.

It was the lowest reading since September last year, shortly after the referendum decision to leave the European Union.

The services slowdown is likely to add to the case for continued record low interest rates from the Bank of England whose policymakers meet next week.

By contrast, a survey last week showed manufacturing had a good August, helped by gathering speed in the euro zone.

A separate industry survey published overnight showed the biggest proportion of British manufacturers in at least 20 years reporting higher output and orders, despite waning confidence in the outlook at home.

However, the weaker performance in the much bigger services sector and in construction mean Britain’s economy is on track to grow by a quarterly 0.3 percent in the third quarter, the same slow rate as in the second quarter, and momentum is gradually being lost.

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