By David Milliken LONDON (Reuters) – Construction of new homes in Britain almost ground to a halt last month as builders feared the cost-of-living squeeze and rising interest rates would constrain demand, a closely watched survey showed on Wednesday. May’s S&P Global/CIPS construction Purchasing Managers’ Index (PMI) fell to 56.4 in May from 58.2 in April, the lowest reading since January and broadly in line with economists’ median expectation in a Reuters poll. The fall was led by a slump in the house-building component to its lowest since May 2020 at 50.7. “Residential construction activity …