Brit Services Sector ‘Brightest for a Year’

04 March 2002

Britain's services sector registered its first surge in confidence for twelve months, according to the Confederation of British Industry’s quarterly survey.

In fact, reports the organization – which represents UK employers – the picture is at its most cheerful since 1999 amongst business and professional services firms, with expectations of a rise in revenues for the first time since last May. Consumer services providers, however, remain cautious, expecting only that the recession will bottom out.

Says CBI chief economic advisor Ian McCafferty: “The survey paints a mixed picture. Firms are getting more confident about long-term business prospects, but at the moment they are still having a rough ride. Long-term prospects for the service sector are encouraging but in the short term, at least, companies still face a challenging time.”

Data sourced from: BBC Online Business News (UK); additional content by WARC staff