Robust September PMI figures suggest BoE should hold back on further action this year

Robust PMI figures suggest BoE should hold back

Yael Selfin, head of macroeconomics at KPMG in the UK, suggest PMI figures show businesses have shrugged off the shock of the referendum result.

Also on

Commenting on PMI figures out this week, Yael Selfin, head of macroeconomics at KPMG in the UK, said:

“PMI figures for September show businesses have largely shrugged off the initial shock of the referendum results.  Rising employment opportunities in the service sector should keep consumers spending while manufacturing industry is enjoying the benefits of a weaker pound. However, with input prices rising, many of our clients are concerned about the impact on  margins, so with the economy in a stronger place at least for now, we are likely to see more costs passed on to consumers in the short term.

“Despite Q3 likely to be weaker than previously projected, the improved outlook for 2016 overall should allow the Bank of England to pause in November rather than action any further cuts to interest rates. With further turbulence ahead, the BoE should save some of its scarce ammunition for later.”


For further information please contact:

Jess Liebmann, KPMG Corporate Communications

Tel: 0207 311 3245

Mobile: 07551 135778


KPMG Press office

Tel:  +44 (0) 207 694 8773 

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff.  The UK firm recorded a revenue of £1.96 billion in the year ended September 2015. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 174,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such. 

Connect with us


Request for proposal



KPMG’s new-look website

KPMG’s new-look website