Commenting on this morning’s UK PMI data, Melanie Baker, senior economist at Royal London Asset Management said:
“The data supports the view that the near term hit to the economy will be larger than November’s lockdown, but smaller than the Spring.
“Signs of increased job cuts suggest that things may get worse before they get better for households.
“Business optimism about the next 12 months continues to hold up well, reflecting the vaccine rollout. The probability of a much better second half of the year for the economy still looks high.”