Budget watchdog warns country is in worse shape to withstand recession than on the eve of 2007 financial crashBritain’s public finances are in worse shape to withstand a recession than they were on the eve of the 2007 financial crash a decade ago and face the twin threat of a fresh downturn and Brexit, the Treasury’s independent forecaster has warned.The Office for Budget Responsibility – the UK’s fiscal watchdog – said another recession was inevitable at some point and that Theresa May’s failure to win a parliamentary majority in last month’s election left the public finances more vulnerable to being blown off course than they were in 2007.Related: Business Today: sign up for a morning shot of financial newsRelated: The Tories have failed to fix the roof – and now rainclouds are looming | Larry Elliott Continue reading...

Ben Broadbent says ‘imponderables’ in UK economy include being a year or more away from knowing what Brexit meansThe Bank of England should resist increasing interest rates while the direction of the economy remains unclear, according to one of the central bank’s senior policymakers, an announcement that reduces the chances of a rate hike this year.Ben Broadbent, a close ally of BoE governor Mark Carney, said he was not ready to raise interest rates while the the bank’s monetary policy committee (MPC) found it “very difficult” to judge whether there had been a significant improvement. “In my opinion, it is a bit tricky at the moment to make a decision [to raise rates]. I am not ready to do it yet,” the deputy governor said. Continue reading...

Tax and spending watchdog warns that Treasury might need to return to its spending squeeze in aftermath of BrexitPhilip Hammond would need to spend an extra £33bn a year to “end austerity” according to a leading tax and spending watchdog.The Institute for Fiscal Studies (IFS) said the chancellor could use his autumn budget to reverse major cuts scheduled to hit public spending and still keep the government’s spending deficit at 2.4% of GDP by 2021. Continue reading...

Having fewer children is a no-brainer, write Robin Maynard and Jonathon Porritt. The overconsuming west must not blame the global south, says Christine Galavotti. It is ironic that Italy bears the brunt of the surge of ecological migrants, says Chris Brausch. Apocalyptic changes in the countryside go largely unnoticed, says John GreenIt is heartening to see the Guardian giving considered coverage to the issue of human population and its impacts upon our planet and the threat that continued population growth and excessive consumption pose to the wellbeing and indeed survival of future generations (Best solution to climate change? Fewer children, 12 July). For too long population has been a taboo subject avoided by those normally courageous and outspoken in publicising inconvenient truths about the consequences of ongoing environmental damage.The new study from Lund University showing that the most effective solution to curbing climate change is for people to have fewer children and smaller families confirms research we highlighted back in 2012, when seeking to persuade the likes of Friends of the Earth, Greenpeace and the World Wildlife Fund to talk openly and honestly about population issues (with little success!). That earlier study by Oregon State University concluded that, over a lifetime, a family that chose to have one less child would reduce their greenhouse gas emissions by 20 times the amount saved from undertaking all other obvious “eco-friendly” lifestyle changes. Continue reading...

Rolling coverage of the latest UK unemployment report, which shows that pay is lagging inflation despite another rise in employment

Economist who helped shape the direction of education in developing countriesThe economist Christopher Colclough, who has died aged 70 of cancer, did much to shape the course of education in developing countries. In 1982, he assembled a range of hard evidence to show that primary education does more for economic development than secondary or higher education. An article he wrote for the World Bank showed how, in the developing world, primary education brought productivity benefits for work in the informal sector (the very small-scale operations that can be important for poor communities) and smallholder agricultural production. In addition, by improving literacy and numeracy, primary education contributes to wider social and economic life, through better health, nutrition and birth spacing.His paper played a key part in shifting aid-supported education programmes away from secondary and higher education towards the primary level – a shift undertaken by the World Bank, the Department for International Development (DFID) and other donor governments over the following years. This helped set the stage for the first global UN Education for All Conference, held in Jomtien, Thailand, in 1990, at which 155 governments and supporting NGOs made commitments for expanding primary education, so that all girls and boys would have one. Continue reading...

Taylor’s report on modern working practices calls for clearer legislation on employment status, but what’s needed is a statutory definition of self-employmentMatthew Taylor’s report into modern working practices makes some important recommendations that, if implemented, could make a real difference to thousands of people. However, the report falls short of solving the most pressing issue facing the UK’s flexible labour market – clarifying what self-employment is.Related: May says she will help gig economy workers but fails to pledge new lawsIt will still be up to the courts to rule on employment status, which is a big hurdle for individualsRelated: The gig economy can be exploitative – but there is no easy path to Good Work | Rafael Behr Continue reading...

Some at the Bank of England flirted with a rise, but the latest ONS figures suggest the doves will continue to hold swayThe City has been getting mightily excited in recent weeks at the prospect of the Bank of England raising interest rates next month. Sorry to disappoint, but it’s not going to happen. In truth, it was never going to happen. The Old Lady has been showing a bit of leg, that’s all.Related: UK pay squeeze intensifies as real wages continue to fall Continue reading...

TUC urges government to intervene as households come under pressure despite lowest unemployment since 1975UK consumers are suffering a sustained fall in living standards as real pay fell again in the three months to May, piling more pressure on cash-strapped households.Regular pay adjusted to account for the impact of inflation fell by 0.5% year on year over the period, shrinking family incomes and signalling a weaker outlook for consumer spending.Related: UK unemployment rate hits lowest since 1975, but real wages keep falling - business live Continue reading...

The government is continuing to ignore medics’ repeated warnings about understaffing. The result will be many more avoidable patient deathsAll we know is that the victim is young, female and unconscious. Hit by a lorry, we’ve been told, while walking through town. We’re poised and waiting in gloves and gowns when the paramedics burst through the swing doors. We descend as one and, in a matter of seconds, we’ve cut her clothes away. She’s naked but for her underwear, a tangle of wires and tubes, and the stiff plastic collar protecting her neck. There’s no blood, no bruising, no twisted limbs.Related: Exhibition illustrates the deadly impact of NHS cuts | David BattyLike the residents of Grenfell Tower, NHS staff have warned repeatedly that the drive to cut costs will cost livesRelated: Revealed: scale of hospital staff shortages in top Tory areas Continue reading...

Ratings agency says economy has started to slow and is expected to weaken considerably throughout the yearBritain’s economy will lose momentum this year amid squeezed living standards and uncertainty over Brexit and the inconclusive election result, leading ratings agencies have predicted.Moody’s said the qualms about talks in Brussels and the minority government have increased the UK’s political and financial risks.

BoE deputy governor Ben Broadbent warns that Britain and EU would suffer lower exports, and higher prices, if trade links are weakened

The Taylor report on work has disappointed many with its pragmatic approach. But it’s better than nothingThe Taylor report was commissioned nine months ago. Theresa May was in her prime, apparently in a job for life, or at least until 2020, and she was keen to add substance to her early rhetoric on the “just about managing” by commissioning Matthew Taylor, a respected Blair-era policy guru, to examine ways of improving work. No one foresaw the irony in these altered times of Mrs May trying to boost her chances of survival by presenting a report on precarious work.Mr Taylor, a man who has always preferred a nudge to a shove, was never likely to mount a revolutionary challenge to the established order. But expectations were high, and now many people are disappointed. Yet it is a very substantial report. Mr Taylor rightly defends its essential recognition of the value not just of work but of good work. And it is important to remember that despite record levels of employment, many people want to work more hours than they do and others, classed as economically inactive, want a job. Britain’s labour market too often offers low pay, low productivity and long hours. These are deeply ingrained problems. Continue reading...

We must pursue integration with the health service despite our differences, says the president of the Association of Directors of Adult Social ServicesAs president of the Association of Directors of Adult Social Services (Adass), Margaret Willcox finds herself in an unusual position. In the mounting friction between health and social care, she’s a leading figure on one side of the fence who also spent half her career on the other side – starting out as a nurse.Related: We have to address the faultline between social care and the NHS | Richard HumphriesRelated: Safety alert as watchdog warns that one in three nursing homes is failing Continue reading...

Its moral code promises salvation, its high priests uphold their orthodoxy. But perhaps too many of its doctrines are taken on faith. By John RapleyAlthough Britain has an established church, few of us today pay it much mind. We follow an even more powerful religion, around which we have oriented our lives: economics. Think about it. Economics offers a comprehensive doctrine with a moral code promising adherents salvation in this world; an ideology so compelling that the faithful remake whole societies to conform to its demands. It has its gnostics, mystics and magicians who conjure money out of thin air, using spells such as “derivative” or “structured investment vehicle”. And, like the old religions it has displaced, it has its prophets, reformists, moralists and above all, its high priests who uphold orthodoxy in the face of heresy.Over time, successive economists slid into the role we had removed from the churchmen: giving us guidance on how to reach a promised land of material abundance and endless contentment. For a long time, they seemed to deliver on that promise, succeeding in a way few other religions had ever done, our incomes rising thousands of times over and delivering a cornucopia bursting with new inventions, cures and delights.Economists work best when they take the stories we have given them, and advise us on how we can help them to come trueRelated: The cult of the expert – and how it collapsed | Sebastian Mallaby Continue reading...

Deal first to be announced since Tory MPs raised concerns over public sector pay following the poor election performanceTheresa May has been accused of insulting teachers by offering them a 1% pay rise after she refused to bow to pressure from some Tory MPs, Labour and trade unions to begin easing the public sector wage cap.The Department for Education said it would accept the recommendation of a 1% pay rise made by the independent pay review body, days after an open revolt by some senior cabinet ministers who said the seven-year cap should be lifted. Continue reading...

When the next recession strikes, advanced economies will have no choice but to resort to unconventional monetary policies againFinancial markets are starting to get rattled by the winding-down of unconventional monetary policies in many advanced economies. Soon enough, the Bank of Japan (BOJ) and the Swiss National Bank (SNB) will be the only central banks still maintaining unconventional monetary policies for the long term.The US Federal Reserve started phasing out its asset-purchase programme (quantitative easing, or QE) in 2014, and began normalising interest rates in late 2015. The European Central Bank is now pondering just how fast to taper its own QE policy in 2018, and when to start phasing out negative interest rates.Related: How healthy is the global financial system? Continue reading...

Policies to shore up the banking system have paid off in the US and the UK, with Europe catching up, but some big risks still remainIn recent weeks, policymakers on both sides of the Atlantic have affirmed that the financial system is sound and stable. The US Federal Reserve announced in June that all US banks passed its latest annual stress test. And the Fed chair, Janet Yellen, has now suggested we might not experience another financial crisis “in our lifetimes”.At the same time, the Financial Stability Board (FSB) – which monitors regulatory practices around the world to ensure that they meet globally agreed standards – has declared, in a letter to G20 leaders, that “toxic forms of shadow banking” are being eliminated.Related: Greek debt: IMF and EU's quick fix isn't enough | Mohamed El-ErianRelated: Why financial regulators are always fighting the last war Continue reading...

It is a bit rich for Facebook’s CEO to back the idea of people living on a meagre state handout while his company does everything it can to minimise its tax bill

Dearer imported ingredients such as Spanish juice, French butter and Danish bacon will raise the price of a family breakfast by £3, says KPMGShoppers would be forced to pay £3 more for a traditional British fry-up if the government fails to secure a trade deal with the EU, piling more pressure on already cash-strapped consumers.A typical basket of ingredients for a family breakfast could rise by almost 13% from £23.59 to £26.61 according to a report by KPMG.Related: German industry warns UK not to expect help in Brexit negotiationsRelated: I'm beginning to think Brexit may never happen, says Vince Cable Continue reading...

It’s been a decade since the Bank last raised borrowing costs but if wages go up and the pound rallies, a hike could be on the agendaThere is more fuel for the raging debate around UK interest rates this week, with official figures on pay growth out on Wednesday. Investors and policymakers alike are looking for any signs that a tight labour market can translate into faster pay growth, a trend that has so far proved elusive this year. If wages do start to get going again, the pound is likely to rally as traders price in a greater chance of a 2017 interest rate rise.This month marks a whole decade since the Bank of England last raised borrowing costs. Since then, the only way has been down and interest rates are currently at a record low of 0.25%. But that could be about to change if the latest noises from Threadneedle Street’s policymakers are anything to go by – with the obvious health warning that previous hints of rate hikes have come to nothing. Continue reading...

Household disposable income is squeezed by cost of living increase, prompting fall of 0.3% in spending in latest quarterHousehold spending has fallen at the fastest rate in almost four years as rising prices have made consumers less willing to splash out on furniture, clothing and trips out.Spending fell by 0.3% between April and June compared with the same period a year earlier, the biggest drop since the third quarter of 2013, according to Visa’s consumer spending index. Continue reading...

Stagnant pay for men over past two decades and fast-rising earnings for women mean families relying on dad’s pay alone are more vulnerable to hardshipFamilies who rely on a fathers’ earnings alone are at greater risk of poverty than other households, with average incomes stagnant for the past 15 years, according to analysis by the Institute for Fiscal Studies.The IFS said that because the father works in most single breadwinner households, those families have not benefited from the relatively large increases in women’s earnings since the mid-1990s. Continue reading...

Britain has deep-seated problems demanding a strong restructuring plan. The only plan so far is patchy and flawedA hung parliament. Inflation going up but growth slowing. A divided nation ill at ease with itself. Welcome back to the 1970s, like now a time when Britain was forced to take a long, painful look at itself.Make no mistake, this is a good thing. Whether you are in favour of hard Brexit, soft Brexit, clean Brexit or no Brexit, it should be clear that there is something fundamentally wrong with the economy. The same old problems keep surfacing: too small an industrial base; too much debt; too great a geographical divide between the rich south and the rest of the country; too many poorly paid low-productivity jobs. Continue reading...

Friday’s jobs figures were impressive, but wages remain low, and the economy appears becalmed. The president might have to get used to sluggish growthJune shone a little brighter for Donald Trump’s plans to Make America Great Again. After several months of disappointing jobs growth, US hiring picked up steam again. But beneath the surface there’s a problem for the president: the US economy appears to be running out of gas.On Friday, the Bureau of Labor Statistics said the US had added 222,000 new jobs in June, comfortably beating expectations. But, once again, most of those jobs were in low-paying industries, and wages are barely keeping pace with inflation. Manufacturing languished while food services and healthcare led the pack.Related: The only good news about Trump's budget? It's unlikely to pass Continue reading...

Borrowing is getting out of control, the pound is weak and wages are likely to grow. But there will be no rise in the cost of credit for a long timeArguments for the Bank of England to raise interest rates are many and growing. It’s why an increasing number of Threadneedle Street policymakers have voted for a rise and even the governor Mark Carney has felt the need to hint that an increase is not too far away.Top of the list is the business cycle. This esoteric term is often used in economic circles to describe the natural lifespan of an economic boom, or at least consistent expansion.The economy is already weakening and the main measure of economic activity, GDP, is likely to slump Continue reading...

Six Tory MPs from across the party divide are running for chair of the powerful Treasury select committee. What are their chances?A hotly contested race for one of Westminster’s most coveted jobs enters its final stages this weekend as six Conservatives battle to run the powerful Treasury select committee.Once seen as a consolation prize for MPs passed over for a cabinet seat, since the financial crisis of 2008 the occupant has become better known – and arguably more influential – than many ministers. Continue reading...

EU threatens ‘counter-measures’ if Trump takes action to protect the US steel industry – and one of the targets could be bourbon whiskey from KentuckyThe US bourbon industry has warned that its business and consumers around the world will be harmed if the European Union acts on a retaliatory threat to target American whiskey exports.At the G20 summit in Hamburg on Friday, the European commission president, Jean-Claude Juncker, said that if the US took measures against Germany and China’s steel industries, the EU would “react with counter-measures” within a few days.Related: 'Battle mood' EU threatens bourbon whiskey in US steel trade row Continue reading...

Politicians must face up to the costs of public sector pay rises, reversing welfare cuts and boosting governance, says Resolution FoundationPhilip Hammond will have to rip up the government’s deficit reduction plan or increase taxes for most of the population if he decides to end seven years of austerity by sanctioning higher public sector pay, reversing welfare cuts and providing extra cash for Whitehall departments, a thinktank has said.The Resolution Foundation said it was possible for the chancellor to do a U-turn in his autumn budget, but only if he was prepared to increase borrowing by more than £100bn over the next four years or to make individuals and companies pay more tax.Related: Boris Johnson: lift 1% ceiling on public sector pay increasesRelated: Even the IMF says austerity doesn’t work. It’s the zombie idea that will not die | Phil McDuff Continue reading...

Chancellor welcomes business leaders’ call for indefinite delay to leaving single market as Liam Fox appears to challenge his stancePhilip Hammond has welcomed an intervention by business leaders who called for an indefinite delay in Britain’s departure from the European single market and customs union and said that people wanted to see a “sensible Brexit”.The chancellor insisted he was happy to see the CBI making its voice heard, but his stance was apparently challenged by the trade secretary, Liam Fox, who said it would not be possible to indulge a “perpetual transitional period”.

Jeremy’s advice column in Guardian Money has been vital to navigating the modern workplace, say Richard Gilyead and Jane PotterI was very sorry to learn that Jeremy Bullmore’s workplace advice column (Dear Jeremy, 1 July) is coming to an end. Anyone who wants to understand what it is like to work in a late-capitalist, neoliberal world, and why British productivity is so poor, could do worse than read the endless complaints of frustrated careers and incompetent management that he has handled with such gentle wisdom. Perhaps his columns should be donated to a leading business school as a research archive?

Britain’s trade gap widened in May, and industrial output misses forecasts after a drop in manufacturing output

Drop in manufacturing, construction slowdown and widening of trade deficit knock pound lower against dollar euroA drop in manufacturing output, a slowdown for the construction industry and a widening in Britain’s trade deficit have doused expectations that the Bank of England will raise interest rates over the coming months.

Jean-Claude Juncker says EU would react with countermeasures within days to any action by Donald TrumpThe European Union is prepared to impose countermeasures within days if Donald Trump takes action to protect the US steel industry, the European commission president has said.

The Save Our Schools campaign is just one example, but all across the UK an ever-increasing range of people are being driven to protest

Politicians say that it’s sound finance, when in fact it’s a tool used to demonise immigrants and profit from ‘working-class concerns’

It was the international trade secretary’s moment in the spotlight. He’d dressed for the occasion – but he hadn’t done much elseSome might say that Liam Fox has landed his ideal job. As international trade secretary, his mission is to jet around the world doing a bit of meet-and-greet over dinner. Indeed, as no trade deals can be signed before Britain leaves the EU, and only the vaguest expressions of future interest can be made so long as the terms of the divorce remain unknown, the Flying Fox is rather obliged to do the bare minimum. And with lengthy transitional arrangements looking increasingly likely, the minister’s time in office could well develop into an extended sabbatical.To his credit, the Flying Fox made little effort to imply he was finding his responsibilities in any way onerous in his first departmental questions of the new parliament. He spoke lyrically about how he had met 20 trade ministers in order to deepen relations before doing any actual work, and how he was now flat-out busy preparing for the Commonwealth summit. Choosing the wine, working out the seating plan and ordering the flowers.Related: Liam Fox: BBC would rather see Britain fail than Brexit succeedRelated: Wimbledon strawberries to stay British after Brexit – probably Continue reading...

It’s easy to see the return of two-party politics as a return to the 1980s, but new problems need new solutions

Real disposable income per head fell 2% in first quarter of 2017 from year earlier, the steepest decline since end of 2011Rising prices in the wake of the Brexit vote have put the tightest squeeze on household incomes for more than five years, according to official figures on Britons’ economic wellbeing.

Joseph Rowntree Foundation says inflation and benefit cuts are pushing decent standard of living further out of reachRising inflation and less generous state benefits have made it harder over the past year for families on tight budgets to enjoy what the public considers a decent standard of living, according to one of Britain’s leading thinktanks.The Joseph Rowntree Foundation (JRF) said that despite an above-inflation increase in the “national living wage”, low-income families were falling further behind a minimum income standard.Related: Consumer confidence is lowest since Brexit vote aftermath, survey findsRelated: Public sector pay cap is matter for future budgets, says Grayling Continue reading...

Shinzo Abe to meet Donald Tusk and Jean-Claude Juncker in Brussels – but UK exporters likely to see no gain due to BrexitThe European Union and Japan are on course to sign a trade deal on Thursday, after talks gained impetus in the wake of Donald Trump’s threat to put up barriers to international commerce.Cecilia Malmström, the European trade commissioner, announced she had reached a political agreement with the Japanese foreign minister, Fumio Kishida: “We ironed out the few remaining differences in the EU-Japan trade negotiations,” she tweeted. “We now recommend to leaders to confirm this at summit.”Related: Japan seeks early free trade talks with UK amid Brexit fearsRelated: Records come round again: Sony to open vinyl factory in Japan Continue reading...

Narrowly pursuing national interests could damage all countries, lender says before Hamburg meeting on FridayThe International Monetary Fund has warned leaders in the run-up to the G20 summit in Hamburg that they are putting at risk a recovery in global growth by pursuing national policies at the expense of internationally agreed rules on trade and climate change.Related: Hamburg braces for G20 violence as tensions rise over police tacticsRelated: Are you protesting at the G20 summit in Hamburg? Tell us why Continue reading...

Easing of austerity policies aimed at reducing deficit would lead to Greek-style economic collapse, claims the PMTheresa May raised the spectre of a Greek-style economic collapse if Britain fails to press ahead with tackling the deficit on Wednesday, as she was challenged repeatedly by Jeremy Corbyn over the public sector pay cap.With intense political pressure on the prime minister – including from her own cabinet colleagues – to ease the strain for cash-strapped public servants, including nurses and teachers, she warned MPs about the risks of loosening the purse strings.Related: PMQs verdict: Corbyn goes on offensive as May channels Osborne Continue reading...

Heather Stewart is joined by Rafael Behr, Polly Toynbee and Sam Hall to discuss the Tory wobbles on the public sector pay cap. Plus: Labour’s Baroness Smith on how Brexit bills will fare in the Lords and Cathy O’Neil on regulating big dataAs public sector pay becomes the latest political battleground, cabinet splits surface as Downing Street struggles to keep control. Are key Tories softening their stance on austerity – or is it just the early pangs of the race to succeed Theresa May?Joining Heather Stewart to discuss it all are Guardian columnists Rafael Behr and Polly Toynbee, plus Sam Hall of the Conservative think tank Bright Blue. Continue reading...

Business optimism hits second-lowest level since 2011, as service sector firms are buffeted by Brexit-related worries

Demand cools after strong first half in latest sign consumers are becoming reluctant to commit to major spending decisionsNew car sales in the UK went into reverse for a third month in June in the latest sign that consumers are becoming increasingly reluctant to commit to major spending decisions.Sales fell by 4.8% year on year last month to 243,454, following an 8.5% drop in May and a 19.8% slide in April, according to the Society of Motor Manufacturers and Traders (SMMT). In the first half of the year overall, new car sales fell by 1.3% to 1.4m vehicles, which was still the second biggest first half on record.Related: All Volvo cars to be electric or hybrid from 2019 Continue reading...

It managed to escape a deep crisis after oil prices plummeted – but prospects don’t look as promising as they did five years agoWhen the Russian president, Vladimir Putin, meets his US counterpart, Donald Trump, at this week’s G20 summit in Hamburg, he will not be doing so from a position of economic strength. To be sure, despite the steep drop in oil prices that began three years ago, Russia has managed to escape a deep financial crisis. But while the economy is enjoying a modest rebound after two years of deep recession, the future no longer seems as promising as its leadership thought just five years ago. Barring serious economic and political reform, that bodes ill for Putin’s ability to realise his strategic ambitions for Russia.Back in 2012, when Putin appeared onstage with the Nobel laureate economist Paul Krugman at a Moscow bank conference, Russia’s 1998 economic crisis seemed a distant memory. With oil prices well over $100 a barrel, the government’s coffers were bursting. So Putin could proudly contrast Russia’s government budget surplus with the large recession-driven deficits across the west. He surely delighted in having Russian audiences hear Krugman’s view that western democracies had come up badly short in handling the global financial crisis.Related: First meeting for Trump and Putin: what will the power dynamics reveal? Continue reading...

The decade-long flatlining of Britain’s economy has hit living standards – firms have to be weaned off plentiful, low-skill labour to invest in new kitBritain’s economy has moved sideways over the past decade. That’s the main message from the latest set of official figures for productivity which, once again, are dismal.It is not just that the performance in the first three months of 2017 was poor. The 0.5% quarterly drop in output per hour worked meant productivity fell back below where it was in the last quarter of 2007, the period immediately before the economy nosedived into recession.Related: UK service sector growth hits four-month low as political uncertainty bites - business live Continue reading...

Slump in June completes ‘triple whammy’ of weak data, reflecting a lack of consumer confidence and political uncertaintySlowing growth across Britain’s services companies in June completed a “triple whammy” of disappointing economic news this week that also saw growth in the construction and manufacturing industries fade in response to Brexit uncertainty and weak consumer confidence.Activity in the services industry, which accounts for almost 80% of economic activity, fell to a four-month low in June, dragging down the all-sector IHS Markit/CIPS purchasing managers index (PMI) from 54.5 in May to 53.9 in June, the lowest since February.Related: Bank of England's Michael Saunders: 'Prepare for higher interest rates' Continue reading...