UK’s services firms still building confidence as growth returns

UK SERVICES are still building strength as the year comes to a close, with the quickest increase in optimism for 15 years recorded in the three months to November.

The Confederation of British Industry (CBI) reports buoyant conditions for the UK’s largest sector today, boding well for the fourth quarter’s GDP figures – employment and business volumes are increasing at rates not seen since 2007.

The return of economic growth has boosted positive sentiment to the highest levels recorded since the survey began in 1998.

Only three per cent of firms now say they are less optimistic than three months ago, in comparison to 37 per cent whose confidence is on the rise.

Stephen Gifford, CBI economics director, said: “Both consumer and business-facing service firms finally seem to be feeling the benefit of growing confidence and spending within the UK and globally.”