BREAKING NEWS

CBI: UK services firms most upbeat in a year

By REUTERS

MAY 27, 2012 06:58

LONDON - British services firms' confidence rose to the highest level in a year in May and they forecast a pick-up in business in the next three months, a survey showed on Sunday.

The quarterly poll by the Confederation of British Industry (CBI) offers hope that stronger growth in the dominant services sector will help prevent another economic contraction between April and June.

That would pull Britain out of its second recession since the 2007-2008 financial crisis.

The sentiment measurement for the current business situation rose to -2 from -9 in February for consumer service providers and to +8 from -8 for business and professional service companies - both the highest readings since May 2011, the business lobby said.

Firms across both sub-sectors predicted that business volumes and values would grow in the coming months after falling in the three months to May, and that profitability would rise.

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