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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%.

 

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