The S&P Global UK Composite PMI rose to 51.1 in October of 2025 from the four-month low of 50.1 in the previous month, above the consensus of a 50.6. The expansion reflected by the data was supported by an acceleration in activity for the services sector (51.1 vs 50.8 in September) while the decline for manufacturing was the softest in one year (49.6 vs 46.2). New orders at the aggregate level returned to the growth territory, marking the second-fastest pace of expansion in one year despite being limited by decline in export sales. In the meantime, job losses eased to the softest pace since May. Surveyees have repeatedly blamed higher tax contributions from the UK’s National Insurance program as reasons for lower headcounts this year. Meanwhile, input cost inflation slowed, and price competition also helped output charges rise softly. Looking ahead, business activity expectations improved.
