The UK Purchasing Manager’s Index (PMI) published this week fell to 47.7 implying an economic contraction of 0.4% for Q3. The PMI has in the past been a good, but not infallible, proxy for GDP. As the Chancellor noted, it is a measure of sentiment and not hard activity. Given recent press is there really that much surprise that sentiment has taken a knock? While many will wait for the facts, when reassessing its interest rate decision, the Bank of England, may not have that luxury.