The South West and North East reported the fastest declines in business output last month, a report from Lloyds TSB reveals today. The bank's Regional Purchasing Managers' Index (PMI) for the country as a whole slipped to 49.7 in October, below the crucial 50 mark. The East of England, North West and South East were the only regions to buck the overall downward trend in business activity. David Oldfield, managing director in commercial at Lloyds Banking Group, said: "October's survey suggests a loss of business output momentum."
