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UK business activity falls for the first time since January
UK service providers experienced a renewed downturn in business activity during August. Survey respondents mostly cited weaker business and consumer spending, combined with the impact of higher borrowing costs on client demand. A lack of new work to replace completed projects resulted in the fastest decline in backlogs for just over three years. Higher wages continued to push up business expenses, but the overall rate of input price inflation was the joint-lowest since May 2021. Softer cost pressures and greater competition for new work contributed to the weakest rise in prices charged by service providers for two ... (full story)