Service sector hit hard by closure of shops and restaurants as manufacturing also suffers
Fears that the UK economy is facing a double-dip recession have intensified after a poor Christmas for retailers was followed by a slump in activity in January as tougher lockdown measures took effect.
In a triple whammy of bad news for the chancellor, Rishi Sunak, official figures showing weak consumer spending and the third highest monthly borrowing on record were accompanied by evidence that the UK’s private sector has slumped this month to its lowest level since May last year.
