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Confidence high as growth steps up 'several gears'

The CBI has said growth in Britain's services sector picked up speed over the past quarter, led by strong growth in the professional services sector. Rain Newton-Smith, the CBI's director of economics, said: 'As we move through the second quarter, growth has cranked up several gears and businesses expect that faster pace to continue. This supports our belief that the weaker-than-expected GDP growth in the early months of 2015 will be short-lived.' The CBI's survey showed more businesses reported growth in output volumes in the three months to May than a decline, resulting in a positive balance of 33%. This was sharply up on the positive reading of 19% in the three months to April and represents the strongest expansion in a year. Optimism about future growth also remained high, with a positive balance of 30% of companies expecting 'above normal' or 'more than adequate' growth over the next three months, the highest balance since last August.

 

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