Business survey: Britain heading for slump deeper than 1930s depression
- Britain’s economy looks set for a slump that in the short term could be deeper than during the depression of the 1930s, as a survey showed the coronavirus crisis caused a record downturn among services and manufacturing firms in March
- The composite Purchasing Managers’ Index covering the two sectors fell to 36.0 from 53.0 in February and was weaker than a preliminary ‘flash’ reading of 37.1, data firm IHS Markit and the Chartered Institute of Procurement and Supply said.
- The survey data were collected between March 12 and March 27, covering the period after Prime Minister Boris Johnson ordered the closure of bars, restaurants, gyms and other services businesses to slow the coronavirus outbreak on March 20.
- Britain’s dominant services industry suffered its sharpest fall by far since the survey began in 1996. Its index sank to 34.5 from February’s 53.2, and was also weaker than the March flash reading of 35.7.