The S&P Global UK Composite PMI was revised down sharply to 50.3 in March 2026, below both the preliminary estimate of 51 and February’s 53.7, marking the slowest business activity growth in six months. The reading points to only a marginal expansion, as the Middle East war saps momentum across the economy. Service sector growth stalled, while manufacturing output contracted again, reversing recent gains. On the cost front, input price inflation surged to its highest level since February 2023, squeezing margins. Meanwhile, business confidence plunged to its lowest since June 2025, reflecting deepening concerns over the economic outlook.