Business Services

Services put at heart of economy with 12th quarter rise in a row

Workers - Britains Service indusrty recorded its 12th successive quarter - SantanderCB

Britain's service industry recorded its 12th successive quarter of growth yesterday and now accounts for nearly 80% of the economy. The Office for National Statistics underlined how services are at the heart of economic growth, registering a 2.8% rise in January compared with the same month last year. Services is now the only major sector to have exceeded its pre-recession size and is far bigger than generally thought: according to a recent poll for the Whitehouse consultancy, respondents thought services accounts for only 46% of the economy. The sector is also evolving. Britain's reliance on financial services has dimmed: the sector is now 10% smaller than it was before the financial crisis. The gap has been filled by IT and professional services, ranging from law and architecture to management consulting, which have grown by 25%.


Note: News bulletin content has been provided by a third-party and is not the opinion of Santander.

Other Articles

When you’re an established business, recruiting top talent in all the areas you need can seem like a never-ending challenge.


If you’re a start-up or small business, how can you put together an attractive employee package to appeal to top talent – graduate and…


Mexico is predicted to become one of the world’s top 10 economies in the next 10 or 20 years.

Stop fraud

More than one million incidents of financial fraud occurred in the first six months of 2016, according to official figures released by…

Santander’s Head of SME International Mark Collings discusses why exporting to new global markets may provide businesses with new and…

Where Next?