Umunna: New PMI figures show Leavers have broken their promises to Londoners

Responding to the news that, according to the latest regional Purchasing Managers’ Index (PMI), business activity in London has fallen further than in any other region of England since the EU referendum, Chuka Umunna, MP for Streatham and Chair of Vote Leave Watch said:

“Vote Leave ministers like Boris Johnson promised Londoners that Brexit would increase prosperity and boost business. Today’s figures show that in fact, the vote to leave the European Union - our largest trading partner –  is already damaging businesses in the capital. That will mean working people being worse off.

“Londoners did not vote for Brexit – but it is us who are paying the harshest price. Vote Leave ministers got promoted as a result of Brexit, whilst Londoners’ jobs and businesses suffer.  The Vote Leave ministers who now dominate the government must be held to account for their broken promises to the people of London.”

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NOTES TO EDITORS:

Markit surveys purchasing managers in businesses in every region of England and Wales every month to come up with its Purchasing Managers’ Index, on behalf of Lloyds Bank. In the index, any figure over 50 represents expansion, while any figure under 50 represents contraction.

In England as a whole, the PMI fell from 52.5 in June to 47.4 in July, the lowest since April 2009. London’s PMI fell to 44.4 – the lowest in England and Wales. This represents an 88-month low for London PMI.

More details here: http://www.lloydsbankinggroup.com/Media/Press-Releases/2016-press-releases/lloyds-bank/economy-sees-severe-slowdown-at-start-of-third-quarter/