British companies grew at the fastest pace in four months in August, with positive sentiment helping to lift the pound to a 13-month high against the dollar.
Stronger economic growth, improved job creation, falling inflation and lower interest rates boosted output in the key services and manufacturing sectors, the latest S&P flash survey of purchasing managers showed.
The S&P Global purchasing managers’ index (PMI) of activity in the private sector rose for the tenth month in a row to 53.4 in August from 52.8 in July, the best output figure since April. Any figure above 50 indicates overall growth. The pound rose to $1.3118 against the dollar, the highest since July last year.
The survey was conducted a month after the general election, with companies