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The Guardian - UK
The Guardian - UK
Business
Richard Partington Economics correspondent

UK economy on brink of recession as Truss takes over, figures show

Economy Recession United Kingdom Liz Truss Bank of England CIPS
Shoppers in Oxford Street in central London
Some economists say the UK economy has already slipped into recession. Photograph: Tolga Akmen/EPA

Liz Truss will become the UK’s next prime minister with the economy on the brink of recession, according to figures that show private sector activity fell last month as businesses struggle with soaring costs.

The latest snapshot from S&P Global and the Chartered Institute of Procurement and Supply (Cips) revealed a “severe and accelerated” decline in manufacturing output in August, alongside weaker activity in the UK’s dominant service sector.

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