UK business activity surges in August

British business activity sped up this month and cost pressures were the weakest in over three years, according to a survey that signalled growth momentum going into the second half of 2024.

Investors slightly scaled back their bets on a Bank of England interest rate cut next month after the preliminary “flash” estimate of the UK S&P Global Composite Purchasing Managers’ Index rose in August to 53.4 from 52.8.

That was the highest reading since April and above the median...