Commenting on the latest PMI figures for August, Yael Selfin, head of macroeconomics at KPMG in the UK, said:
“August PMI figures point at a pick-up in business expectations following the initial shock of the EU referendum result. Reaping the benefits of a significantly weaker pound, the UK economy was boosted by a lift in exports and in inbound tourism revenue. The early formation of a new Government, and the swift actions by the Bank of England have also proved decisive in calming business nerves. However, with inflationary pressures on the rise while the economy starts to steady, the Bank of England may choose to pause before taking any further steps.
“As a result, the outlook for the third quarter is for a weaker though more resilient economic performance than previously forecast. However, volatility is expected to remain high as businesses react to Brexit plans and to new economic data as it emerges.
“Overall, the outlook remains extremely uncertain and we advise businesses to take into account a range of economic scenarios when considering their strategy for the coming years.”
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