PMI data shows that the private sector in the United Kingdom has seen growth stagnate, with companies clearly expressing opposition to the budget proposal.
After the budget announcement in the united kingdom, the private sector has slipped from steady growth to stagnation. A widely watched survey shows that businesses are clearly opposed to Chancellor Rachel Reeves' fiscal plans. S&P Global reported that the composite PMI for the united kingdom in November was 49.9, down from 51.8 in October, slightly below the neutral line of 50, and far below economists' expectations of 51.7. This is the lowest level in over a year, and the survey indicates a decline in confidence, partly due to the announcement of an increase in employers' payroll taxes in the budget on October 30. Companies have a cautious outlook on activities in the coming year.
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