March data indicated the steepest downturn across the UK service sector for more than two decades. The slump in activity was almost exclusively linked by survey respondents to business shutdowns and cancelled orders in response to the coronavirus disease 2019 (COVID-19) pandemic. The headline seasonally adjusted IHS Markit/CIPS Final UK Services PMI® Business Activity Index posted 34.5 in March, below the earlier 'flash' reading of 35.7 and down sharply from 53.2 in February. This reading exceeded the previous record low seen at the height of the global financial crisis and signalled by far the fastest downturn in ... (full story)