The pace of economic growth in the UK faltered slightly in September because of “jangling nerves” over the budget next month, according to the first estimate of a closely watched barometer of British businesses.
The UK PMI “flash” composite output index slipped back to 52.9 in September from the 53.8 recorded in August and was lower than the consensus forecast of 53.5.
The measure of output of both services businesses and manufacturers was nevertheless comfortably above the 50 level, which constitutes no change in activity.
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S&P Global, which compiles the index through a survey of 1,300 British firms, said that while the data indicated a continuation of a sustained upturn in