Service industry decline could lead to recession

The largest section of the British economy, the services industry, has recently endured a substantial monthly decline, the rate of which was the highest since 2009. The sector was down in July by 4.9 points being the highest decline since 1996, the period for which records are available. This also ended a period of uninterrupted economic growth for a three and a half year period. Experts have been expecting the economy to shrink during the summer months and they have predicted the possibility of a recession by the end of next year. There also appears to be a reduction in job creation following the EU referendum and recent surveys have suggested a decline in GDP.

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