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News - 28 August 2013

CBI: Service Sector confidence rising

Business activity and confidence in the UK service sector has grown strongly, according to the CBI's latest survey which covered the three months to August which  adds to recent data pointing to improvements in the UK economy.

Business and professional services saw a particularly sharp turnaround in business volumes, and activity in consumer services - such as travel, food and drink - grew at its highest level since August 2007.

Services account for about three quarters of UK output, and the survey's findings that activity and volumes are rising will be welcomed.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“The survey found that a balance of 15% of companies in consumer services saw business volumes grow, a level that has not been reached since August 2007. Confidence was also high, with a positive reading of 28%.”

However, fewer firms saw profitability increase than saw it decrease, giving a negative 15% reading - the worst since February last year, with a further fall expected over the next three months.

The business and professional services sector saw a positive volume growth reading of 20% - the best since November 2007, with optimism also up.

If you need any help and advice on this, or any other matter concerning your business or property, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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