Reeves’ taxes hammer private sector as one of ‘lowest ever’ PMIs recorded April 23, 2025 Private sector output fell in April for the first time in a year and a half as firms reported “more of a struggle” to survive after Chancellor Rachel Reeves’ tax rises kicked in, S&P Global’s flagship survey has suggested. Businesses had been preparing for Reeves’ £20bn hike to employers’ national insurance contributions (NICs) for the [...]
Mixed bag of PMI data as services grow but manufacturing slumps March 24, 2025 Chancellor Rachel Reeves has received mixed signals about the state of the UK economy ahead of her Spring Statement as S&P Global’s purchasing managers’ index (PMI) pointed to an upturn in services while manufacturing declined again. The Spring Statement will be delivered on Wednesday as global trade war tensions escalate and worries over incoming tax [...]
UK jobs cuts accelerate as firms fret over stagflation March 5, 2025 UK service firms are cutting jobs at the sharpest rate since November 2020 as fears about the state of the economy spread. S&P Global’s latest UK Services PMI, which measures business activity in the services sector, found that 24 per cent of firms cut their employees in February, compared to only 13 per cent which [...]
Manufacturing job cuts accelerate ahead of national insurance hike March 3, 2025 Activity in the UK’s manufacturing sector dropped to its lowest level in fourteen months, a new survey has revealed, with lower demand and weak confidence plaguing the industry. The S&P’s manufacturing purchasing managers’ index (PMI) showed downturns deepened as firms braced for changes made in the Government’s budget to be enacted. The index stood at [...]
UK companies cut jobs at fastest rate in nearly 4 years December 16, 2024 The private sector cut jobs at the fastest rate for nearly 4 years in December as firms respond to new tax rules announced in the Budget. The latest S&P Global Flash UK Purchasing Managers’ Index (PMI) found that while the headline figure for business confidence was unchanged from November, thanks to a marginal increase in [...]
UK economy: Growth continues but budget concerns ‘jangling nerves’ September 23, 2024 PMIs, which measure business activity in the private sector, are closely watched for clues about the economy’s performance.