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Key survey sees UK economy shrinking after Brexit vote

British business activity sank in July to its lowest level since April 2009, a survey showsBritish business activity sank in July to its lowest level since April 2009, a survey showed Friday in the first indication of economic contaction since the shock EU exit vote. The preliminary composite purchasing managers’ index (PMI) by the research Markit group sank to 47.7 points in July, down from 52.4 in June. The survey — regarded as a key early indicator of economic activity before official statistics are published — is the first major evidence of economic fallout after Britons voted to leave the European Union in a referendum on June 23.

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