KPMG comments on UK Services PMI figures | KPMG | UK

KPMG comments on UK Services PMI figures

KPMG comments on UK Services PMI figures

Yael Selfin, Chief Economist at KPMG UK comments on the latest IHS Markit / CIPS UK Services PMI figures.

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Commenting on the latest IHS Markit / CIPS UK Services PMI figures, Yael Selfin, Chief Economist at KPMG UK, said: 

“Today’s PMI figures paint a picture of a resilient UK services sector in the face of Brexit uncertainties and growing price pressures. However the outlook for UK services remains relatively weak. The expectation for the sector’s contribution to the overall growth of the economy is slightly smaller for the second half of the year compared to the first six months of 2017. 

“The latest PMI readings should give the Bank of England reason to pause before embarking on the first interest rate rise in a decade. The uncertainties around the progress of UK negotiations with the EU may cause further delays to business investment and spending plans this year. Given the weakening outlook for growth it may be wise for the MPC to wait until next year before beginning to raise rates, once the future path for UK business becomes clearer.” 

-ENDS- 

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About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff.  The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 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.

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