Newspaper article The Evening Standard (London, England)

More Bad News Fuels Demand for a Cut in Interest Rates

Newspaper article The Evening Standard (London, England)

More Bad News Fuels Demand for a Cut in Interest Rates

Article excerpt

Byline: HUGO DUNCAN

THE Bank of England today came under renewed pressure to slash interest rates following another devastating blow to the UK economy.

The services sector which makes up three-quarters of the economy and includes financial, transport and leisure firms suffered its worst month on record in September.

The Chartered Institute of Purchasing and Supply (Cips) said its measure of activity in the sector fell from 49.2 in August to 46 last month.

It was the lowest reading since the survey began 12 years ago and for a fifth month running was below the 50 threshold marking the cut-off between boom and bust.

Paul Smith, senior economist at Markit Economics, said that Britain was now "close to, if not in, recession".

It came at the end of a grim week which showed sharp declines in manufacturing and construction as well as a record fall in house prices.

The average home in London has lost nearly ?30,000 of its value in the last 12 months. …

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