Commenting on the latest IHS Markit / CIPS UK services PMI for the month of July, Justin Zatouroff, head of business services sector at KPMG in the UK, said:
“The latest data highlights some of the contradictions playing out in the performance of the UK economy as a whole. New business growth slowed, however this is off the back of a continuous growth for two years, whilst cost inflation is mainly being driven by fuel and labour shortages.
“The hot weather has been good for those working within tourism but equally many reports have pointed to the weather and the World Cup causing disruption.
“It is widely reported that Brexit is limiting the availability of skilled staff, whilst the uncertainty of negotiations continues to have an impact on major investment in the UK. With this in mind, it’s vital for businesses to continue scanning the horizon and planning accordingly.”
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About KPMG in the UK
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 14,500 partners and staff. The UK firm recorded a revenue of £2.2 billion in the year ended 30 September 2017. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and territories and has 200,000 people 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.