The British economy shrinks in January

Data released by the Markt Corporation today showed that the composite PMI that combines the manufacturing and service sectors in the United Kingdom fell to 41.2 points in January compared to 50.4 points in December, the lowest level since May.

The services PMI, which represents the bulk of Britain's private sector economy, fell to 39.5 points in January, compared to 49.4 points in December, the lowest level since May, the third month of contraction.

Market said that "as the British economy is on its way to contracting sharply during the first quarter of 2021, companies remain confident that pent-up demand and easing restrictions on epidemics will provide a springboard for recovery later this year."