PwC comments on S&P Global UK PMI data - November 2025

Commenting on the S&P Global Flash UK PMI data for November 2025, Jake Finney, Senior Economist at PwC, says:

“The latest UK PMI data shows the economy is running low on steam after its strong start to the year, pointing to a second consecutive weak quarter in a repeat of the pattern seen last year. One small positive is that the manufacturing sector is showing signs of life, with production expanding for the second consecutive month after a long spell in negative territory. With inflation still running at nearly double target, high interest rates and an unstable geopolitical climate, there will be a degree of relief that the picture is not worse.

“Heightened Budget-related uncertainty has impacted the short-term outlook. Businesses and households are clearly taking a wait-and-see approach as they look for more clarity. In recent weeks, economic policy uncertainty has risen to its highest level since ‘Liberation Day’ in April. At the same time, the UK’s household saving ratio remains elevated compared with many G7 peers, underlining the reluctance of consumers to dip into their wallets. The key question for the Chancellor in this upcoming Budget is how she can repair the public finances without knocking confidence further.

“The good news is that the latest release adds to a run of encouraging data on inflation, with output prices rising at their slowest rate in nearly five years. This should marginally raise the chance of a rate cut in February, or even before the end of the year if next month’s data is supportive.”