# UK business activity slows to three-month low amid Iran war inflation pressure

By Chris Cheverall — 2026-09-23

Chris Cheverall, head of UK at CMC Markets, said the PMI report made for “uncomfortable” reading.

He said: “Businesses are being squeezed from both directions: growth is slowing while costs are still rising.

“There are still pockets of resilience, as manufacturing appears to be recovering more strongly than services, which suggests the economy is not weakening uniformly and gives some support to the idea that activity can continue to stabilise.”

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