Fall in activity in November pinned on chancellor’s tax rises as official figures also show drop in October retail sales

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Labour’s first budget in 14 years has been given the “thumbs down” by private sector businesses as it was blamed for the end to a 12-month run of expansion and a fall in retail sales.

Many businesses said the first fall in business activity in November since the same month last year was a result of tax rises announced by Rachel Reeves, while official figures showed retail sales had dropped in October, the first month of the “golden quarter” for retailers before the Christmas rush.