CBI survey: Professional services on the up
The Confederation of British Industry (CBI) is reporting a surge in the business services sector despite an overall contraction of the UK economy in the last quarter.
Companies in the professional services sector, which includes accountancy firms, saw their volumes of business grow at the fastest pace since mid-2008 in the three months to February.
The report points to "a gentle pace of recovery" for business services firms, however small companies are still struggling to get credit with borrowing easier for larger rivals.
The quarterly report - which surveyed 171 firms in the business sector - reveals that professional services companies believe the situation will improve further in the coming months.
In business and professional services, the value and volume of business rose, at balances of +4% and +8% respectively.