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The services sector in the UK with the largest decline for the past 7 years |
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Thursday, 03 July 2008 |
The services sector in Britain continues to shrink, marking the biggest drop from its October 2001 through last month.
CIPS index for services, which explores attitudes among managers of 700 companies, fell to 47.1 points from 49.8 points in May.
Index values below 50 points is considered as a signal of recession. Such statements are fuel and from the credit market. The forecasts of analysts is for further tightening of credit terms to the instability of trust between banks, which limits the funding among them.
Negative data proved negative impact on the exchange trade, which sent a basic index in the FTSE 100 to its lowest level for the past three years. For that affect speech and the Head of English Central Bank Marvin King, despite the slowing of the economy is difficult for the bank to lower interest rates to high levels of inflation.
Today British liras disposes of the euro as a level of 0,7967 EUR / GBP at 8:30, the single currency reached a 0,7999 EUR / GBP at 13:45. At 14:30 crossing of the two currencies was at 0.7989 liras for one euro.
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World Business 
