UK firms are hiring for the first time since the 2024 Budget as growth hits an eight-month high

S&P Global Market Intelligence's chief business economist Chris Williamson warned that price pressures remain 'worryingly elevated'. He added that a Bank of England rate hike at its next meeting is now 'a near certainty'. The October flash composite PMI came in at 53.1, above the 51.7 economists had expected. Companies also reported putting spending on hold due to 'a lack of clarity' ahead of the Budget.

New work across the private sector expanded at a pace not seen since September 2024.

Manufacturing rose to 52.8 and services climbed to an eight-month high of 53.1.

Williamson warned further rate hikes into 2027 are now more likely.