A recent survey the CBI reveals that the vital services sector in the UK is contracting on account of rising political uncertainties and the Brexit chaos. The UK’s private sector flash composite PMI slipped to 48.5 in November, coming in below the 50 threshold level indicating contraction.

The figure stood at 50 in October, indicating a stagnation in the services sector. November’s reading was the lowest level for the PMI in over three years, with companies experiencing a decline in volumes and profitability.

The flash services PMI dropped to 48.6 in November from 50 in October, indicating that this sector has fallen into contraction. Meanwhile, the contraction in the manufacturing sector deepened with the flash manufacturing PMI for November falling to 48.3 from 49.7 during October.

In more troublesome news for the UK, the reports indicate that the GDP could contract by 0.2% in Q4 2019. However, this forecast varies from economists’ expectation for a +0.2% expansion during the last quarter of this year.