Output declined for the third month in a row following the protracted period of political turbulence that has dragged on the financial markets, following the disastrous unveiling of then-chancellor Kwasi Kwarteng and then-prime minister Liz Truss' controversial economic plans.
New chancellor Jeremy Hunt has since reversed Kwarteng's mini-budget almost in its entirety in an effort to stabilise the markets and save the pound from sinking further.
The influential S&P Global/ CIPS flash UK composite purchasing managers index (PMI) showed a reading of 47.2 in October, below September’s 49.1 reading.
Any score below 50 is considered a contraction for the economy, while anything above is seen as growth.
The index showed that there was a steep fall in output in October as manufacturers continued to grapple with supply shortages and a slowdown in demand.
Meanwhile, business activity across the services sector, which includes hospitality like restaurants...