British output stalls in May as referendum looms

British manufacturing activity barely grew last month, adding to signs that the UK economy is slowing in the run-up to the country’s referendum on EU membership, fresh data showed yesterday.

The Markit/CIPS manufacturing Purchasing Managers’ Index (PMI) rose more than expected to 50.1 in May from April’s slightly upwardly revised 49.4, the lowest reading since early 2013.

Economists in a Reuters poll expected a 49.6 figure.