UK services activity ticks higher in October amid resilient demand

UK services activity expanded in October at a stronger pace than initially estimated as demand strengthened, according to a closely watched survey, easing concerns about the upcoming Budget’s effect on the economy.
The S&P Global UK Services PMI Business Activity index rose to 52.3 in October, up from an earlier flash reading of 51.1 and well above the five-month low of 50.8 recorded in September. It was also higher than the 50 mark, which divides contraction from expansion.