UK Service Sector Recovers to Pre-crisis Level

Business activity in the U.K.’s service sector grew to its highest level seen since before the financial crash of 2008, according to a new report released on Tuesday.

The report by the Confederation of British Industry backs up official data from the Office for National Statistics on Friday which showed that the sector was just 0.2 percent below its peak level in the first quarter of 2008, demonstrating that almost all of the lost output in services during 2008 and 2009 has now been recovered.

“We’ve seen a further buildup of momentum in the service sector this quarter, with business and professional services firms in particular seeing a turnaround in their fortunes,” Stephen Gifford, CBI’s director of economics said in a press release.

“Confidence has risen strongly across the board, and the outlook is positive in the short-term.”

via CNBC

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