UK Business Activity Slows On Supply Crunch: Survey
Umer Jamshaid 2 months ago Fri 23rd July 2021 | 02:40 PM
London, (UrduPoint / Pakistan Point News - 23rd Jul, 2021 ) :Britain's private sector business activity is slowing sharply on the back of shortages of staff and raw materials, a key survey showed on Friday.
"The speed of recovery was the weakest since March, with survey respondents widely reporting staff and raw material shortages due to the pandemic," the statement said.
"Concerns about the loss of momentum contributed to the lowest degree of optimism towards the business outlook for nine months." Many firms face cost pressures and supply challenges, despite recovering economic growth and resurgent demand after England fully emerged from lockdown this month.
"July saw the UK economy's recent growth spurt stifled by the rising wave of virus infections, which subdued customer demand, disrupted supply chains and caused widespread staff shortages," added IHS Markit economist Chris Williamson.
Soaring infection rates had also "cast a darkening shadow over the outlook", he noted.
Millions of workers are currently forced to stay at home under the so-called "pingdemic" after being contacted, or pinged, by a phone app which orders them to self-isolate, or by health authorities conducting contact tracing.
The Confederation of British Industry (CBI) had warned Thursday that the manufacturing outlook was clouded by soaring costs and self-isolating staff.