Service-based activity in the U.K. slipped to a record low in November as the PMI reading slipped to 40.1 from 42.4 in October. The breakdown of the report showed that business expectations fell to a record low reading of 49.5 from 50.8 in October, while new businesses plunged to 37.9 from 40.1. The data continues to support a bearish outlook for the British pound as the Bank of England is expected to ease policy further in the months ahead, and may continue to lower borrowing costs in 2009 as the economy faces its worst recession in over a decade.