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UK services sector gives welcome boost to economy

The UK services sector appears to be rebounding far quicker than many expected with the CIPS/Market services PMI index showing a rise to 58.4 in February against 54.5 in January and expectations of 54.9. This is a sector which covers everything from financial services through to hotels and restaurants and has been the engine room of the UK economy for some time. Slowly but surely it seems as though the doom and gloom which has hovered over the UK economy for two years is now starting to lift and we can hopefully begin to look forward to the future with anticipation.

It is difficult to highlight how vital the services sector is to the UK economy because ultimately without a recovery in the services sector there would be no recovery in the UK economy. The manufacturing base of the UK all but disappeared some years ago and while there are still some manufacturers left in the country this sector is just a pale shadow of its former self.

While it is wrong to suggest that all economic data of late has been positive, there is no doubt we have seen more positive news in the last two months that we have seen in the last twelve months. Is this the start of a growth period for the UK economy?

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