UK factory activity contracts for fourth straight month in January, PMI shows

British factories reported another tough month in January as output, new orders and employment all fell, with companies hit by higher costs even before payroll taxes and the minimum wage go up in April, a survey showed this week.

In a latest sign of an economic slowdown ahead of Thursday’s expected interest rate cut by the Bank of England, the S&P Global Purchasing Managers’ Index for UK manufacturing remained below