The UK's new budget in November may increase taxes, and business confidence is deteriorating again.

Jin10 data September 23 news, UK Chancellor of the Exchequer Reeves is set to announce a new budget in November that may include tax increases. Against this backdrop, UK businesses report a decline in both growth momentum and confidence, while hiring activity shows a renewed decrease. The S&P September Composite PMI preliminary value fell from 53.5 in August to 51.0, slightly above the threshold of 50.0; the business optimism index for the next 12 months dropped to its lowest level since June. S&P Global Market Intelligence Chief Business Economist Chris Williamson stated: "It is not surprising that business expectations deteriorated again in September as discussions about possible further tax increases in this year's budget later this year continue." He added: "In the absence of confidence improvement, the economy is unlikely to achieve strong growth in the coming months, regardless of the interest rate outlook." Service providers reported a significant increase in output prices due to wage pressures and suppliers passing on higher labor costs to consumers. However, businesses experienced a slight easing of cost pressures. Williamson noted that signs of lost momentum in the PMI survey may prompt the Bank of England to act more quickly on interest rate cuts.