UK business survey 'gives green light' for rate rise -IHS Markit

  • British businesses reported the fastest growth in new orders since June this month alongside record cost pressures, according to a closely watched business survey that could pave the way for a Bank of England rate rise in December. 
  • The IHS Markit/CIPS flash composite Purchasing Managers' Index (PMI), published on Tuesday, edged down to 57.7 in November from October's final reading of 57.8. But that still indicated strong growth and was a shade higher than economists' average forecast in a Reuters poll. 
  • "A combination of sustained buoyant business growth, further job market gains and record inflationary pressures gives a green light for interest rates to rise in December," Chris Williamson, chief business economist at financial data provider IHS Markit, said.