Rachel Reeves has been accused of leaving the British economy ‘on its knees’ as businesses crumble under rising costs and taxes.
In a devastating double-whammy ahead of the Chancellor's likely sacking, reports showed manufacturers and the once-mighty services sector floundering as confidence evaporates.
The CBI said Britain’s factories have suffered the biggest fall in output over the past three months since the depths of the Covid-19 pandemic six years ago when the economy was in lockdown.
At the same time, S&P Global reported the sharpest fall in service sector activity for nearly three-and-a-half years this month.
Chris Williamson, chief business economist at S&P Global, said it suggested the economy is on course to contract for a second month in a row in June – fuelling fears of recession.
