The UK’s Purchasing Manager’s Index for services edged up slightly in March, after hitting its lowest figure in three years in February.

According to the latest figures released by financial data company Markit, March’s PMI recovered slightly from a weak start to 2016, rising to 53.7. February’s figure was a weaker 52.7, showing a slight increase in positivity for the services sector, which makes up around 40 percent of Britain’s economy.

However, a slowdown in the global economy and the upcoming EU referendum have led Markit to point towards a fall in economic growth for the first three months of 2016. Growth fell to 0.4 percent up to March, down from 0.6 percent in the last three months of 2015.

Markit’s chief economist, Chris Williamson, commented:

“Business confidence remains in the doldrums as concerns about the global economy continue to be exacerbated by … issues such as Brexit and the prospect of further government spending cuts announced in the Budget.”

05/04/2016