The Markit/CIPS UK Services PMI, came out at a six-month low for December at 58.8, dipping from Novembers buoyant 60.0. Analysts had expected the release to be between 60.0 and 60.3, above 50 is expansion. The figure though below forecasts is a positive release, though the concern is that this is part of a larger trend. Last week both manufacturing and construction PMIs fell from the previous months.
Chancellor George Osborne is giving a speech in Birmingham, England today about the economy and is expected to announce the importance of further cuts, around £25billion. He is to highlight the struggle of the Britain, to lower the level of borrowing for the government and reduce the debt burden.