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Newsflash: British construction firms suffered a sharp drop in orders in August, adding to concerns about a slowing economy as rising interest rates hit demand.

A survey of construction companies conducted by data firm S&P Global shows that new orders fell last month, at the fastest pace since May 2020 when the Covid-19 lockdown hit the economy.

UK construction companies experienced another slump in house building activity during August as rising interest rates and subdued market conditions resulted in cutbacks to client demand and new build projects in particular.

Aside from the pandemic, the recent downturn in residential work has been the steepest since spring 2009.