Optimism among British firms has sunk, with surveys showing the lowest confidence since November 2023 and slowest growth in 11 months. The drop in the PMI might be short-lived but points towards softer growth in the second half of 2024. The economy is growing at a quarterly rate of just 0.1%, according to the survey. The upcoming budget will play a major role in steering the direction of the economy. The PMI data might prompt the Bank of England to consider cutting interest rates.