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23rd Jun 2022 18:00U.K., Daily Monitor

The composite PMI held steady at 53.1 in June, but it has been misleadingly upbeat in recent months.

It excludes the retail and public sectors, both of which will drag on quarter-on-quarter GDP growth in Q2.

We still forecast a 0.7% q/q drop in Q2 GDP, and only a 25bp increase in Bank Rate in August.

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