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| UK service sector rise boosts prospects for economic growth | UK service sector rise boosts prospects for economic growth |
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| Britain’s services sector moved up a gear in March, boosting George Osborne’s hopes of strong economic growth ahead of next month’s general election. | Britain’s services sector moved up a gear in March, boosting George Osborne’s hopes of strong economic growth ahead of next month’s general election. |
| Rising order books and increased foreign investment pushed the Markit/Cips index for the service sector, which accounts for about 77% of the economy, to a seven-month high. | |
| The PMI survey figure of 58.9, up from 56.7 the previous month, comfortably beat City expectations of 57. It increases the likelihood that the chancellor will go to the polls with the UK as one of the world’s fastest-growing major economies. Readings above 50 signal growth of activity compared with the previous month. | The PMI survey figure of 58.9, up from 56.7 the previous month, comfortably beat City expectations of 57. It increases the likelihood that the chancellor will go to the polls with the UK as one of the world’s fastest-growing major economies. Readings above 50 signal growth of activity compared with the previous month. |
| Chris Williamson, chief economist at Markit, said surveys covering the services, construction and manufacturing sectors indicate that the economy grew by 0.7% in the first quarter, reversing a slowdown seen late last year. | Chris Williamson, chief economist at Markit, said surveys covering the services, construction and manufacturing sectors indicate that the economy grew by 0.7% in the first quarter, reversing a slowdown seen late last year. |
| “Faster growth of new business and improved expectations of prospects for the year ahead also bode well for the upturn to retain strong momentum as we move through the spring,” he said. | “Faster growth of new business and improved expectations of prospects for the year ahead also bode well for the upturn to retain strong momentum as we move through the spring,” he said. |
| The survey data showed employment growth remaining close to record highs and that inflation showed few signs of picking up from its all-time low, he added. | The survey data showed employment growth remaining close to record highs and that inflation showed few signs of picking up from its all-time low, he added. |
| “The combination of fuller employment and falling prices should support economic growth by providing an important catalyst to higher consumer spending, on which the upturn appears to have become increasingly dependent in recent months,” Williamson said. | “The combination of fuller employment and falling prices should support economic growth by providing an important catalyst to higher consumer spending, on which the upturn appears to have become increasingly dependent in recent months,” Williamson said. |