UK construction sector shrinks again as house-building slumps

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Savoring Success with Taste Nova Scotia Culinary Ambassador Amy Savoury | SaltWireLONDON - Britain's construction industry suffered a second month of shrinkage in October as higher borrowing costs hit house-builders and worries about the weak economy put clients off new investment, a survey showed on Monday.

The construction sector has been the most obvious victim so far of the Bank of England's run of interest rate increases between December 2021 and August this year. The house-building component of Monday's PMI improved only fractionally and remained deep in contraction territory. Civil engineering firms also reported a shrinkage.

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