UK economy ‘running on empty’ as high inflation threatens recession, and drives up borrowing costs – business live

UK business confidence hits levels that signal a recession, as new orders growth weakens

• Latest: UK ‘running on empty’, PMI survey shows
• PMI shows growth, but forward-looking indicators show deterioration
• Eurozone economy slowing this month
• Stock markets lower, recession worries hit copper price
• Inflation drove up UK debt repayment costs

Private sector growth in both Germany and France has slowed sharply this month, which will fuel concerns that Europe’s economy is faltering.

In France, growth has slumped to its weakest since the peak Omicron disruption at start of 2022, the latest survey of purchasing managers shows.