The S&P Global UK Composite PMI fell to 50.5 in November of 2025 from 52.2 in the previous month, firmly below market expectations of 51.8 to reflect a sharp slowdown in economic activity of the British private sector. Activity and output slowed sharply for the services sector (50.5 vs 52.3 in October, which has carried the UK's expansionary momentum this year, while the gauge measuring that of manufacturers unexpectedly rebounded for the first time in 14 months (50.2 vs 49.2). Total new business fell slightly in November, also pressured by a fresh decline in export orders. The lower demand for capacity drove employment to fall the most in four months, with firms noting hesitance in replacing leavers due to poor consumer demand and political uncertainty. Meanwhile, input inflation rose amid higher wages and material costs, although output charges rose at a softer magnitude. Looking ahead, business sentiment moderated from the one-year high last month.