UK economic activity data has softened as the Budget on 28 October draws closer. The flash composite Purchasing Managers' Index ("PMI") fell to 51.7 in September from 52.5 on weaker services growth, though manufacturing was more resilient at 52 and input cost inflation accelerated on higher fuel costs. The Confederation of British Industry (“CBI”) retail sales balance fell to minus 55 from minus 48, orders placed with suppliers declining at the fastest rate since the survey began in 1983. Public sector net borrowing was above expectations at £18.27 billion in August, from £15.35 billion a year earlier, and the 10-year gilt yield rose eight basis points to 5.37%...
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