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Is the services sector the key to a UK economic revival?

The British Chambers of Commerce has today issued a statement regarding the UK economy amid growing concerns that the services industry is starting to falter. Even though 2009 will probably have seen the UK economy emerge from the recession in the final quarter, there are "disturbing weaknesses" in the UK services sector. This is the sector which includes the finance industry and has in many ways been the engine room of the UK economy for some time.

The services industry accounts for two thirds of UK national income and a large number of employment positions. If the sector continues to struggle there is no way that the UK economic revival can continue without some concern about a potential "double dip" recession. This would be a nightmare scenario for the UK government, UK businesses and UK consumers because ultimately it would negate the impact of the billions upon billions of pounds of taxpayer's money already poured into the UK economy.

While there may be a danger of potentially talking ourselves into a double dip recession it is a factor of life which needs to be considered as the UK struggles to pull free from the economic downturn. Whether statements by the British Chambers of Commerce are helpful in the short term is debatable but the reality is the British Chambers of Commerce is only saying what many people are thinking.

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