Commenting on the S&P Global Flash UK PMI data for July 2026, Jake Finney, Senior Economist at PwC, says:
“The relatively upbeat PMI reading for July offers the first sign that the UK economy is emerging from a prolonged period of instability and uncertainty, with the composite index returning to expansion territory for the first time since April. With consumer sentiment also improving, the figures suggest that the second half of the year may be less challenging than previously feared.
“The new Prime Minister is inheriting an economy that has proved surprisingly resilient. The fact that it maintained a reasonable pace of growth during the first half of the year should be welcomed.
“However, the economy is still likely to grow by only around 1% this year, well below the roughly 2% annual rate recorded before the pandemic. The UK economy appears to have established a reasonably firm floor for growth. The challenge for the new Prime minister is now to raise the ceiling.”
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