The British economy fell to its lowest level since February 2021 in August

The data showed that the composite Purchasing Managers' Index, which combines the manufacturing and services sectors in the United Kingdom, fell to 50.9 points in August from 52.1 points in July, the lowest level since February 2021.

The manufacturing PMI fell to 46.0 points in August from 52.1 points in July, the lowest level since May 2020, and input costs for manufacturers rose at the slowest pace since November 2020. The Bank of England has warned that Britain is also likely to slip into a recession at the end of 2022 which will last until 2024 as energy bills are expected to push consumer price inflation above 13% in October.