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flag UK business activity surged in August, led by services, but firms continue to cut jobs due to high costs.

flag UK business activity hit a one-year high in August, with the services sector driving growth, according to the S&P Global flash UK composite PMI. flag Despite the improvement, firms have reduced staffing for 11 consecutive months due to rising costs and a fragile demand environment. flag The manufacturing sector continued to decline, and inflation was higher than expected, reducing the likelihood of further Bank of England rate cuts.

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