Despite a slowing in growth, the UK’s private sector economy ended the second quarter in expansion territory, which is why there has been an increase. In June, the seasonally adjusted S&P Global UK PMI Composite Output Index dropped from 53 in May to a six-month low of 52.3.
Although at a slower rate, the UK services sector continued to grow in June for the eighth consecutive month. The seasonally adjusted S&P Global UK Services PMI was 52.1 in June, down from 52.9 the previous month.
S&P Global Market Intelligence Principal Economist Joe Hayes stated, “We are seeing some evidence of a pre-general election seize-up across the UK services economy. Growth in business activity slowed to a seven-month low in June as the prospect of a change in government led to the adoption of a “wait-and-see” approach by some, restraining sales.”
Regarding business, Vodafone Group’s VOD
For almost ten years, Vodafone UK has improved and extended its mobile network sharing agreement with VMED O2 UK, also known as Virgin Media O2, which is a joint venture between Liberty Global and Telefónica. As per the agreement, Virgin Media O2 would purchase spectrum from Vodafone UK after the latter’s official merger with Hutchison 3G UK.
“Importantly today’s announcement echoes the same claim made by VOD when they first announced the deal with Hutchison last year, stating that the merger would be ‘great for customers, great for competition and great for the country,'” Bernstein said of the agreement. British telecom provider Vodafone gained 0.29% at closing.
