A much-publicized private sector survey released on Tuesday showed that after months of concerns about possible tax increases in UK Chancellor of the Exchequer Reeves' budget at the end of November, British businesses reported a recovery in economic momentum. The UK's initial composite PMI rose to 52.1 in December, higher than November's 51.2, and higher than economists' forecasts, but still below its long-term average. Chris Williamson, chief business economist at S&P Global Market Intelligence, said that business confidence was partly due to the elimination of uncertainty, although the survey showed that the economic growth rate in the fourth quarter was only 0.1%. “It's reassuring that business confidence hasn't declined as drastically as it was after last year's budget.” The PMI composite index and the dominant service sector index both hit new highs in two months, while the manufacturing index hit new highs in 15 months.

A much-publicized private sector survey released on Tuesday showed that after months of concerns about possible tax increases in UK Chancellor of the Exchequer Reeves' budget at the end of November, British businesses reported a recovery in economic momentum. The UK's initial composite PMI rose to 52.1 in December, higher than November's 51.2, and higher than economists' forecasts, but still below its long-term average. Chris Williamson, chief business economist at S&P Global Market Intelligence, said that business confidence was partly due to the elimination of uncertainty, although the survey showed that the economic growth rate in the fourth quarter was only 0.1%. “It's reassuring that business confidence hasn't declined as drastically as it was after last year's budget.” The PMI composite index and the dominant service sector index both hit new highs in two months, while the manufacturing index hit new highs in 15 months.