Europe & Russia: Economic overview

Uncertainty continues to cloud the UK economy in the wake of the EU referendum vote.

The UK’s future relationship with the EU remains uncertain following the Brexit vote. There are also uncertainties regarding the outlook for the country’s economy. In early August, the UK’s service PMI for July was revealed to have fallen to 47.4. Not only does this mark contraction for the sector, it is also the fastest decline since March 2009. The UK’s service PMI was 52.3 in June. The Bank of England cut interest rates to a record low of 0.25% at the start of August. This is the first interest rate change in seven years and follows months of speculation about a potential rise in the rate, which was 0.5% before the cut. The Bank of England also announced a new quantitative easing package at the start of August.

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