The UK’s services PMI contracted to 48.9 in December from 50.2 in November.

Economist were looking for an increase to 50.5.

The services PMI follows an equally disappointing construction survey for December, leaving manufacturing – which accounts for just 10% of the economy – as the only bright spot.

Taken together, composite data from the three surveys posted its worst quarterly performance for three-and-a-half years, and are consistent with the economy contracting by approximately 0.2% in Q4.

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