Following the announcement of the UK budget, the private sector has slipped from steady growth to a standstill. A closely watched survey indicates that businesses hold a clear opposition to Chancellor of the Exchequer Rachel Reeves' financial plans. S&P Global reports that the UK's comprehensive PMI dropped to 49.9 in November from 51.8 in October, slightly below the boom-bust threshold of 50 and significantly lower than economists' expectations of 51.7. This is the lowest level in over a year, with the survey indicating a decline in confidence, partly due to the announcement on October 30 to increase employer's wage taxes in the budget. Companies' expectations for activities in the coming year are the most pessimistic since the end of 2022.