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UK firms lose momentum as they worry about new tax hikes
Gulf Today
|September 28, 2025
British firms have reported a loss of momentum and confidence ahead of possible new tax increases in finance minister Rachel Reeves' next budget in November, according to a survey that also showed another drop in hiring.
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S&P Global's preliminary UK Composite Purchasing Managers' Index, covering the services and manufacturing sectors, slowed to 51.0 in September from 53.5 in August, not far above the 50.0 level that separates growth from contraction.
Economists polled by Reuters had forecast a softer fall to 53.0 in Tuesday's survey.
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