FX.co ★ UK Order Books Remain Weak Ahead of Budget

The latest survey from the Confederation of British Industry (CBI) revealed a slight improvement in the UK's total order book balance, moving from -38 in October 2025 to -37 in November. However, this figure still fell short of market projections, which anticipated a balance of -30, and it remains significantly lower than the long-term average of -14. This reading underscores that the total order books are stable yet stuck at a historically low level, as customers postpone purchases and investments pending the announcement of the annual budget on November 26. Although export order books remained below what is considered "normal," the situation was somewhat less dire compared to October. On the other hand, output volumes experienced a sharper decline over the three months leading to November, marking the most significant drop since August 2020, with expectations that this downward trend will persist at a similar rate through to February. Moreover, forecasts for average selling price inflation eased in November, aligning with the long-term average.