UK economy on brink of recession as Truss takes over, figures show

Activity in manufacturing and services fell last month as businesses struggle with soaring costs

Liz Truss will become the UK's next prime minister with the economy on the brink of recession, according to figures that show private sector activity fell last month as businesses struggle with soaring costs.

The latest snapshot from S&P Global and the Chartered Institute of Procurement and Supply (Cips) revealed a severe and accelerated" decline in manufacturing output in August, alongside weaker activity in the UK's dominant service sector.