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UK service firms gain from rally in economy
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British service sector firms are hiring new staff at the fastest rate in six years and are planning to ramp up investment as the country’s economic recovery gathers momentum, a survey showed yesterday.
In the three months to November, a balance of 41 percent of consumer services firms and 28 percent of business and professional services companies said their staff numbers increased, the survey by the Confederation of British Industry showed.
The Bank of England is closely monitoring the health of the labor market and has said it will consider raising its record-low interest rates once unemployment falls to 7 percent.
The BOE is also keeping a close eye on investment by businesses which it says is needed to bolster the recovery.
The CBI survey showed service sector firms planned to boost investment in the coming year. Business and professional services firms’ expectations of business expansion were at the highest level since May 2004.
The service sector is the driving force of Britain’s economy, accounting for around 75 percent of economic output.
Business volumes in the consumer services subsector rose at the quickest pace since May 2007, the survey found, with firms including hotels and travel agencies saying trade far exceeded expectations.
Higher consumer spending has been credited with kick-starting the economic recovery earlier this year.
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