Economic activity in Britain has declined since the EU referendum to levels last seen during the financial crisis in 2009, Markit has found.
The economic analyst’s latest Purchasing Managers Index, covering the month since the EU referendum, has fallen to from 52.4 to 47.7. This is the sharpest fall since April 2009. Any number below 50 represents contraction – demonstrating that the UK economy could be heading for a recession.
The PMI survey covers activity in the manufacturing and service industries.
During the EU referendum campaign, Vote Leave ministers like David Davis and Priti Patel promised that Brexit would boost the UK economy.
Commenting, Norman Lamb MP, Patron of Vote Leave Watch, said:
“During the referendum, Leave campaigners liked to scream ‘Project Fear’ at anyone who warned of the economic consequences of Brexit – but now it’s clear that this was always ‘Project Fact’.
“This shocking fall in business activity will have dire consequences for ordinary working people. Contrary to Vote Leave’s promises, it is clear that leaving the EU means jobs will be lost and the economy will suffer.
“Theresa May’s government is dancing to Vote Leave’s tune. They need to be held to account for their broken promises.”
NOTES TO EDITORS:
- Markit’s latest PMI numbers can be seen here: http://www.markit.com/Commentary/Video/e93c179c627a453387b6842c62f307ca
- On 16th May 2016, David Davis, the new Secretary of State for Exiting the European Union, said: “We will be faster making deals if we leave the European Union, so growth will be up not down”. Link.
- On 22nd February 2016, Priti Patel, the Secretary of State for International Development, said: “The only way to take back control over our economy to free up our businesses to create more jobs and growth is to Vote Leave.” Link.
- On 23rd May 2016, prominent Vote Leave supporter Iain Duncan Smith said: “We will also take back control over our economy creating hundreds of thousands of new jobs as we do trade deals with growing countries in the rest of the world.” Link.