The UK private sector returned to growth for the first time in five months in January as business confidence was boosted by Boris Johnson’s election win, new data revealed today. An uplift in business confidence after the Conservatives won a majority in the general election helped to drive growth across the economy, as new work increased at the fastest rate since September 2018. The findings came in the preliminary IHS Markit/CIPS composite purchasing managers index (PMI), which records private sector performance. It had a reading of 52.4, a significant rebound from a reading of 49.3 in December and ahead of analysts’ forecasts of 50.7. Any reading of above 50 reflects business growth and the preliminary figures showed significant upturns in the services and manufacturing sectors over the month. Chris Williamson, chief business economist at IHS Markit, said: ‘The survey data indicate an encouraging start to 2020 for the UK economy. Mr Johnson’s Tories won an 80-seat majority in the December 12 election with an agenda to push Brexit through and increase investment An uplift in business confidence after the Conservatives won a majority in the general election helped to drive growth across the economy, as new work increased at the… Read full this story
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