This update outlines shifting economic conditions ahead of the UK Budget, highlighting both emerging risks and stabilising signals.
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UK inflation eased to 3.6% in October, with services inflation cooling, though rising food prices and mixed survey signals keep the outlook uncertain.
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Business activity lost momentum: the composite PMI fell sharply, driven by weakening services and a significant drop in employment indicators.
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Consumer spending weakened in October despite prior resilience, reflecting soft income growth and subdued confidence.
Explore the full brief to assess how these dynamics shape expectations for the Chancellor’s upcoming policy agenda.
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