FX.co ★ UK Business Growth Grinds to Near-Halt in March as Middle East War Weighs

The S&P Global UK Composite PMI was sharply revised down to 50.3 in March 2026, from a preliminary estimate of 51 and well below February’s 53.7, signalling the weakest pace of business activity growth in six months. The latest reading indicates only a marginal expansion, as the war in the Middle East weighs on momentum across the economy. Growth in the services sector effectively stalled, while manufacturing output slipped back into contraction, erasing recent gains. On the cost side, input price inflation accelerated to its highest rate since February 2023, putting further pressure on profit margins. At the same time, business confidence dropped to its lowest level since June 2025, underscoring mounting worries about the economic outlook.