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UK PMI Contracts, Starmer Resigns Amid Rate-Hold Outlook

6/23/2026

31 7 Full Breakdown

Summary

Story summary

June flash PMI showed the UK economy contracting despite an interim US-Iran peace deal, with the S&P PMI at 49.4, confirming a second month of contraction.
Prime Minister Keir Starmer resigned on Monday, leaving Labour to seek a new leader.
The employment sub-index fell to 46.8, extending a 21-month negative streak.
Economists expect the Bank of England to hold rates at 3.75% this year before cutting to 3% in 2027.

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Story summary

June flash PMI showed the UK economy contracting despite an interim US-Iran peace deal, with the S&P PMI at 49.4, confirming a second month of contraction.
Prime Minister Keir Starmer resigned on Monday, leaving Labour to seek a new leader.
The employment sub-index fell to 46.8, extending a 21-month negative streak.
Economists expect the Bank of England to hold rates at 3.75% this year before cutting to 3% in 2027.