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UK PMIs: Service sector grew at fastest rate since 2013 in April
The UK service sector grew at the fastest rate since 2013 in April as the economic recovery from the Covid-19 pandemic continues apace.
The UK Composite Purchasing Managers’ Index (PMI) for services rose to 61 in April, up from 56.3 in March. Any score above 50 indicates growth.
It beat flash estimates of a reading of 60.1.
The data is yet more evidence that the UK’s economic recovery from Covid-19 is proceeding quicker than expected.
Job creation accelerated at the fastest rate since October 2015 last month, as firms took on more and more staff to handle the post-lockdown boom.
Graphic: Trade-weighted sterling since Brexit vote tmsnrt.rs/2hwV9Hv (Rewrites throughout, updates prices, adds further graphics)
LONDON, April 23 (Reuters) - Sterling rebounded on Friday from a sharp fall on Thursday, on track for a second week of gains against the dollar after strong retail sales data and business surveys showed Britain’s economy might already be recovering from its worst annual contraction in 300 years.
British retail sales rocketed last month as consumers prepared for a partial lifting of coronavirus lockdown restrictions, according to official data that also showed record peacetime government borrowing.
Sales volumes leapt by 5.4% in March from February, the Office for National Statistics said. Economists polled by Reuters had expected an increase of 1.5%.
A deluge of new orders swept through British businesses in April as the country lifted some of its COVID-19 restrictions, according to a survey on Friday that pointed to a rapid rebound for the pandemic-hit UK economy.
Britain sees budget deficit at highest due to virus since ’46
17 hours ago Britain’s Prime Minister Boris Johnson feeds a lamb while visiting Moor Farm in Stoney Middleton on Friday. Agence France-Presse Britain has seen its budget deficit rise during the coronavirus pandemic to its highest level since the year after the end of World War II, official figures showed on Friday.
The Office for National Statistics said public sector net borrowing - the official gauge of the difference between the government’s spending and taxes - reached 303.1 billion pounds ($420 billion) in the financial year to end-March. This was equivalent to 14.5% of the country’s annual gross domestic product, the highest level since 1946, when the deficit hit 15.2% of GDP.