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Financial News: UK Service Sector Business Conditions Weaken: CBI

UK Service Sector Business Conditions Weaken: CBI

05/29/2019 - 06:15:00 (RTTNews)

(RTTNews) - Business conditions across the British service sector continued to decline sharply in three months to May, the latest quarterly services sector survey data from Confederation of British Industry showed Wednesday.

The balance for business volumes fell -19 percent, the fastest pace since August 2012. Profits declined sharply by -24 percent, the quickest since November 2011.

Optimism regarding the general business situation declined -8 percent, but at a slower pace than in the previous quarter.

In the business and professional services sector - which includes accountancy, legal and marketing firms - optimism about the business situation fell for the fourth quarter in a row.

Meanwhile, sentiment in the consumer services sector - which includes hotels, bars, restaurants, travel and leisure firms - fell for the third consecutive quarter.

"Brexit paralysis continues to take a toll on the UK's services firms. Profits, optimism and investment spending are falling sharply amidst a torrid operating environment," Anna Leach, CBI deputy chief economist, said.

"Politicians have wasted six critical weeks, allowing uncertainty to tighten its stranglehold on the British economy. Business and the country need Westminster to rule out No Deal, and deliver an urgent resolution to the Brexit mess," the economist added.

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