This is the best summary I could come up with:

LONDON, Oct 24 (Reuters) - Britain’s businesses reported another decline in activity this month and cost pressures cooled further, surveys showed on Tuesday, underlining the risk of recession as the Bank of England prepares for its interest rate decision next week.

A separate Confederation of British Industry survey of factories showed the biggest drop in new orders since early 2021 as well as a sharp fall-off in cost pressures and hiring plans.

Britain’s economy looks on course for a quarterly decline in economic output of around 0.1%, PMI company S&P Global said, with optimism in boardrooms falling to its lowest point so far this year.

“This supports our view that a mild recession is underway and that the Bank of England has finished hiking interest rates,” said Ruth Gregory, deputy chief UK economist at consultancy Capital Economics.

The services PMI’s gauge of new business fell to its lowest level since November last year, although the recent deterioration in employment eased a little.

Services companies reported the smallest increase in input costs since February 2021, although selling prices rose at a slightly faster rate.

The original article contains 398 words, the summary contains 183 words. Saved 54%. I’m a bot and I’m open source!