UK Services PMI was finalized at 51.3 in November down from October’s 52.3. Composite PMI eased to 51.2 from 52.2, marking a clear loss of momentum after several months of improvement. S&P Global’s Tim Moore said the data show an “abrupt end” to the gradual recovery in order books seen since summer, with demand weakening in both domestic and export markets.
Lower workloads fed through to a slowdown in business activity growth, pushing expansion well below the post-pandemic trend. Firms also cut staffing levels at the fastest pace since February, pointing to an increasingly cautious operating environment. Survey respondents cited fragile client confidence, rising risk aversion and elevated policy uncertainty in the run-up to the Autumn Budget, with many delaying major spending decisions.
Competitive pressures intensified as firms struggled with weak sales pipelines. While input cost inflation accelerated—largely due to higher wages—selling price inflation rose at the slowest pace in nearly five years, signaling a squeeze on margins.
