Growth in UK's private sector but rate slows

GROWTH in the UK’s private sector slowed down last month as firms also accelerated job cuts in the face of higher costs, according to new figures.

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The S&P Global flash UK composite purchasing managers’ index (PMI) reported a reading of 51 in July, sliding from a nine-month high of 52 reported in June.

The flash figures are based on preliminary data. Any score above 50 indicates that activity is growing, while any score below means it is contracting.