Flash estimate of activity since Covid variant’s arrival reveals a marked impact on the service sector
Britain’s economy has suffered a sharp slowdown since the arrival of the Omicron Covid variant and activity is at its weakest since February when a full lockdown was in force, a report has shown.
The monthly flash estimate of economic activity compiled by IHS Markit and the Chartered Institute of Procurement & Supply (CIPS) reported a marked impact on the service sector from a tightening of government restrictions and a more cautious approach by consumers.
