Inflation and ‘pingdemic’ slow UK’s service sector recovery
by Larry Elliott Economics editor from on (#5MYQ5)
Costs rose at fastest pace in at least 25 years in July as firms hit by supply chain delays and worker shortages
Growth in Britain's dominant services sector has slowed to its weakest since March after businesses were hit last month by a triple whammy of bottlenecks, workers self-isolating and a less generous tax break for homebuyers.
The latest monthly health check on UK services firms - which account for just under 80% of the economy - found costs rising at their fastest pace in at least 25 years in July, and raised concerns that the best of the UK's economic recovery from the winter lockdown restrictions might be over.
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