Services Sector Sales at Two-year Low

Services Sector Sales at Two-year Low

Sales in the UK services sector fell at the fastest rate since November 2009 in the three months to August, research by the Confederation of British Industry (CBI) has found. The CBI’s latest quarterly report found that spending on business and professional services — which cover the accountancy, legal and marketing sectors — dropped sharply in the three months to mid-August this year. This was the fastest quarterly drop since November 2009 when the economy was in full recession. Consumer-facing businesses such as hotels and restaurants have fared little better, with the sector as a whole seeing an ongoing decline in business volumes because of high inflation and pressure on household incomes, the CBI said.   CBI head of fiscal policy Richard Woolhouse said the ... »