UK service providers experienced a modest reduction in business activity during October, which represented the first overall decline in output since February 2021. Survey respondents often commented on shrinking demand and greater risk aversion among clients, largely due to heightened political and economic uncertainty. Escalating energy bills and strong wage pressures led to another rapid increase in business expenses during October. That said, the overall pace of input cost inflation was the least marked since September 2021, with some service sector firms citing reduced freight rates and softer raw material ... (full story)