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🇬🇧 UK services PMI sinks to 48.7 as Starmer's exit leaves the BoE carrying the economy alone
The day in view

🇬🇧 UK services PMI sinks to 48.7 as Starmer's exit leaves the BoE carrying the economy alone

Macro Soup Newsroom Macro Soup Newsroom 3 min read

June's UK flash composite PMI came in at 49.4 (forecast: 50.6) with services at 48.7, back-to-back sub-50 readings that point to flat or negative Q2 GDP. Keir Starmer's resignation on June 22 leaves fiscal policy effectively offline as the Bank of England holds Bank Rate at 3.75%.

Chart of UK Composite PMI (blue bars, left scale) and GDP (green line, right scale) from Jan 2023 to Jul 2026, with red box on recent data.
UK composite PMI eased to 49.4 in June, the second consecutive month below 50 and a sign of stuttering private-sector growth as political leadership turns over again. Source

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