Optimism across UK services sector has ‘improved significantly’, CBI finds

Confidence levels amongst businesses in the UK services sector improved in the three months to May, according to a survey carried out by the Confederation of British Industry (CBI).

Consumer services optimism rose at the quickest pace since May 2014, the survey revealed. Investment intentions also proved to be positive: spending plans for consumer services businesses showed to be the strongest in over two decades.

The survey also found that business volumes returned to growth in the three months to May following consistent declines since the end of 2018.

‘With the re-opening roadmap on track and the vaccine rollout delivering, it’s no surprise to see an uptick in optimism across the UK services sector,’ said Ben Jones, Principal Economist at the CBI.

‘Strong intentions for IT spending point to a sector that has adapted and is adapting to new ways of working and service delivery. Clarity on future social distancing requirements and workplace testing would go further towards smoothing the route to recovery.’

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