British firms' activity rises after three months

The British economy showed signs of recovery in economic activity during July, marking its first growth in three months, with the composite Purchasing Managers' Index (PMI) rising to 52.1 points. This improvement was supported by gains in both the service and manufacturing sectors. The increase was driven by improved geopolitical conditions, a reduction in regional tensions, and the cancellation of some anti-inflation policies, as inflation in input costs declined due to lower fuel and raw material prices. Additionally, British companies expressed increased confidence in future prospects, despite ongoing inflationary pressures and concerns that renewed geopolitical tensions could hinder a decrease in business costs. This comes after the new Prime Minister, Andy Burnham, announced measures to support the economy, including tax cuts for some hospitality businesses, a cap on bus ticket prices, and the abolition of the domestic electricity tax.

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