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UK services sector edges up amid Middle East tensions
A survey showed that the British services sector, the main driver of the economy, experienced a surprising improvement in August, with the Purchasing Managers’ Index rising to 52.8 points, the highest level in six months, despite tensions in the Middle East. This was due to improved domestic conditions and consumer confidence reaching its highest levels since August 2024, supported by growth in technology investment, even as the manufacturing and employment sectors saw moderate declines. Experts expect the Bank of England to remain cautious and postpone interest rate hikes until the paths of growth and inflation become clearer.
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