Closing post
Time to wrap up:
The UK construction sector last month suffered its sharpest slowdown in activity since the first Covid lockdown as building projects were scaled back and jobs cut amid budget uncertainty, according to a closely watched survey.
In a blow to Labour’s aims to boost infrastructure projects and build 1.5m homes by 2030, the poll of UK construction firms showed output in November shrinking at the fastest pace since May 2020, when all building stalled as the pandemic shut down sites.
The monthly purchasing managers’ index (PMI) for construction, considered one of the best indicators of growth in the sector, fell to 39.4 in November, down from 44.1 in October and below the 44.6 forecast by economists. Any reading above 50 represents growth and anything below a contraction.
Budget uncertainty has also been blamed for UK investors cutting their investments in equity funds in November…
…and for a slowdown in sales growth of electric cars.
Shares in Trustpilot fell by over a quarter today after Grizzly Research disclosed a short position and accused the global review platform of creating fake profiles that gave negative reviews and then pressuring companies to pay for subscriptions. Trustpilot has denied the claims.
Households face higher energy bills after network companies were given the green light to spend £28bn on Great Britain’s gas and electricity grids.
The energy watchdog, Ofgem, approved more than £17.8bn of spending plans to upgrade gas transmission and distribution networks in the five years from April 2026.
A further £10.3bn will be used to rewire the nation’s high-voltage electricity network – the biggest expansion of the grid since the 1960s.
