Daily Market View 24-11-2025
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Sluggish service sector figures ahead of budget
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If the Chancellor was hoping for good news ahead of her budget this Wednesday, she has been greatly disappointed. Data from the Purchasing Managers Index released today, detailing essentially how CEO's feel about present and future business conditions.
Unsurprisingly the numbers sang a sad song, suggesting a growing apprehension about the future whilst stating that present conditions were bad enough.
Naturally, PMI data just ahead of any budget is usually bad, simply because businesses are on edge regarding new rules being announced. Whilst the budget last year did seem to focus on businesses, what with its employers National Insurance hike and increase to the minimum wage, this years seems more likely to focus on private citizens.
We truly are in the run-up now with just two full days to the actual budget and I am certain there will be significant GBP volatility ahead of and after the announcement. We continue to see the actual budget as just a stop on the road to a lower Pound, given the already pervasive pessimism permeating the UK economy.
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