Bad economic news has been piling up this week, with:
- The weakest consumer credit growth since April 2014
- The weakest manufacturing Purchase Managers’ Index (PMI) since February 2013
- The worst construction PMI since April 2009
- The weakest composite PMI since July 2016
The bad news was rounded off this morning with a services PMI of 50.2 – indicating that sector is flatlining.
Commenting, Pat McFadden MP, former business minister and leading supporter of the People’s Vote campaign, said:
“While Boris Johnson and Jeremy Hunt concentrate on what appeals to the 0.25% of the population who are members of the Conservative Party and talk up a destructive No Deal, out in the real world the Brexit Effect is causing deep economic harm.
“With a succession of economic indicators all pointing towards a slowing and contracting economy, the repeated talk of crashing out of the EU is only scaring away investment and will ultimately be paid for in lost jobs and cut wages.
“It is an outrage that the views of a tiny minority are being allowed to hurt the prospects of millions of working people in this way. This is about everybody’s future and everybody should have a say in a People’s Vote on whatever form Brexit finally takes.”