British manufacturers report the biggest output decline since August 2020.

Due to the uncertainty ahead of next week's annual budget announcement, UK manufacturers have reported the largest drop in output in the three months to the end of November since August 2020, and they expect no improvement in the coming months. The Confederation of British Industry (CBI) stated that the balance of industrial output for the three months to November fell from -16 in October to -30; and expectations for output in the next three months also slid from -19 to -30. The balance of industrial orders slightly increased from -38 to -37 this month. CBI Chief Economist Ben Jones said, "The most notable aspect of this month's survey is that businesses are attributing the slowdown to various uncertainties ahead of the budget announcement, with customers deferring purchases and investments." Chancellor Rishi Sunak is expected to unveil her second annual budget on November 26, which will include significant tax increases; in her first budget in October 2024, Sunak significantly increased the tax burden on employers.