UK economic recovery at risk from rising inflation and waning business confidence

Services sector growing rapidly after Covid disruption but manufacturing slips as Ukraine invasion dents optimism

Britain's recovery from the Covid-19 pandemic is being put at risk by the escalating price pressures and blow to business confidence caused by Russia's invasion of Ukraine, the latest snapshot of the economy has shown.

The flash estimate of activity from S&P Global and the Chartered Institute of Procurement and Supply (Cips) found the UK's service sector growing rapidly but optimism about the future at its weakest in almost 18 months.