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State-run commodity companies are also taking precautionary measures to respond to the sharp weakening of the pound against the dollar.
However, these aggregates hide the underlying dynamics and belie the fact that the components of this data show a sharp weakening of credit conditions.
May's trade deficit caused particular alarm, partly because it was much bigger than expected and partly because it showed a sharp weakening of exports.
First, there could be negative side effects, including a political or trade row with China or a sharp weakening in the Chinese economy.
Mr Dales added: "This survey is a stark reminder that the UK economy is vulnerable to a sharp weakening in overseas activity.
Any sharp weakening in China, which has become a key engine for global growth, would be unwelcome news for the rest of the world, especially at a time when the United States and Europe are struggling to reduce heavy debt loads and high unemployment levels, and as Japan is still grappling with the aftermath of the earthquake and tsunami.
Similar(45)
While holidaymakers might take a short, sharp hit from a weakening pound, a change in the strength of sterling may be more of a lingering issue for expats.
If they show no signs of weakening a sharp blow to the back of the head will disorientate them giving you a chance to run.
The sharp hemoglobin molecules weaken the membranes, causing the cells to rupture.
"Sharp's liquidity position is weakening, in Standard & Poor's view," the agency said in a statement Friday.
The newspaper, which will be called The New York Sun, will start publishing at a time when advertising revenues are in a sharp decline because of the weakening economy.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com