Construction activity falls at fastest rate in five years

UK construction activity has fallen unexpectedly and at the fastest pace for more than five years amid fiscal worries and rumoured tax hikes in the November Budget, according to new figures.

- 

The latest S&P Global UK construction purchasing managers' index (PMI) showed a reading of 44.1 in October, down from 46.2 in September and its lowest level since May 2020. The score has now remained below the neutral 50 point threshold, indicating that activity is contracting, for the 10th month in a row, which is the longest continuous decline since the 2008 financial crisis.