Brexit forces economy down to eight-year low

EU vote costs Britain big time

The UK economy has hurtled to an eight-year low thanks to Brexit.

New stats from Markit’s Purchasing Manager’s Index show that last month’s referendum decision has led to a “dramatic deterioration” in economic activity.

Data from Markit’s Purchasing Manager’s Index, or PMI, shows a fall to 47.7 in July, the lowest level since April in 2009.

Chris Williamson, Chief Economist at Markit, which compiles the survey: “July saw a dramatic deterioration in the economy, with business activity slumping at the fastest rate since the height of the global financial crisis in early 2009.

“The downturn, whether manifesting itself in order book cancellations, a lack of new orders or the postponement or halting of projects, was most commonly attributed in one way or another to ‘Brexit’.”