British firms have reported the fastest upturn since before Prime Minister Keir Starmer's government took office but also a rise in inflation pressures, according to a survey that prompted investors to cut bets on Bank of England interest rate cuts. The preliminary S&P Global UK Composite Purchasing Managers' Index for January hit its highest level since April 2024, jumping to 53.9 from 51.4 in December, suggesting companies were casting off the uncertainty that hung over them before finance minister Rachel Reeves' budget on November 26.