Expectations of a significant cut in interest rates on Thursday were fuelled by a survey showing the services sector contracted at a record pace in November – the third consecutive month for which a new low was reached.
The bad news on services in Britain was mirrored in record low readings of business activity in services in the US and throughout the eurozone, underscoring the international nature of the recession. It is also in line with other surveys earlier this week for the manufacturing and construction sectors, both of which saw record lows.
