Britain loses ground on its eurozone rivals

Brexit Britain lost further ground to its European rivals today after a “burst of activity” propelled France and Germany’s private companies at their fastest rate for more than six years.

IHS Markit’s latest snapshot of the Continent’s economic fortunes, where a score over 50 signals growth, showed Germany’s manufacturing and services firms picking up the pace in September.

The activity index hit 57.8, the highest since April 2011.

The same benchmark for France registered its best performance since May 2011.

The data come as the pound’s post-Brexit weakness leaves consumers struggling and the economy floundering in the economic slow lane.

IHS Markit’s Chris Williamson said the survey was consistent with a 0.7% expansion for the eurozone in the July to September quarter.

He said: “The economy ended the summer with a burst of activity, with renewed impetus to already-impressive rates of growth of output, order books and employment.”

The strength also fuelled speculation that the European Central Bank would begin to ease back its €60 billion (£53 billion)-a-month money-printing programme with eurozone growth of around 2% expected this year.