The private sector in the UK has seen a significant decline, moving from strong growth to a state of no growth after the recent increase in taxes in the budget.
The latest composite PMI from S&P Global shows a sharp drop from 51.8 in the previous month to 49.9 in November, going below the critical 50 mark that indicates a shift from growth to contraction.
This decrease reflects widespread dissatisfaction among companies regarding the fiscal plans of Chancellor Rachel Reeves, with the PMI reading falling well below the economists' forecast of 51.7.
The data indicates a worrying trend for the UK economy as businesses react negatively to the government's financial strategies.