PwC comments on the S&P Global UK Services PMI – November 2025

Mark Anderson, Global Business Services Leader at PwC UK said:  

“The services sector is currently navigating significant challenges, this month’s services PMI highlights this. Although there has been a slight uptick in activity, with the index rising to 51.3, growth is slower, and employment levels have dropped at the fastest pace since February. 

“Economic uncertainty and weakened demand are evident, leading to subdued business and consumer confidence. Margins are being squeezed as firms struggle to stay on top of a competitive market: insight from PwC’s Law Firm Survey showed that customer’s expectations around AI and efficiency was further pressuring margins in the sector. 

“Despite these challenges, this month’s data shows that some businesses are exploring new overseas markets to offset domestic weaknesses. The overall outlook remains cautiously optimistic, though tempered by ongoing economic uncertainties.

“Now the Budget has been delivered, it's crucial for businesses across the sector to invest their capital to drive future productivity and growth both domestically and internationally.”