British businesses reported an unexpected bounce in activity this month. The preliminary “flash” reading of the S&P Global/CIPS UK Composite Purchasing Managers’ Index (PMI) jumped to 53.0 in February from 48.5 in January, above the 50 thresholds for growth for the first time since last July. “Many expected the UK to be in recession by now, with the PMI now showing the end of a consistent trend of contraction over seven months,” said Rhys Herbert, senior economist at Lloyds Bank.
