UK services sector growth slowed to a one-year low in November, likely due to recent tax hikes.

The UK's services sector saw its slowest growth in over a year in November, with the S&P Global UK services PMI survey scoring 50.8, down from 52.0 in October. The slowdown is attributed to tax increases announced in the autumn Budget, particularly the rise in employer national insurance contributions, leading to reduced hiring and higher payroll costs. The sector's performance is closely watched by the Bank of England as an indicator of underlying inflation.

December 04, 2024
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