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Service sector ''vital to UK''s economic recovery''

12 January 2011
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Service sector ''vital to UK''s economic recovery''Britain's service sector is central to ensuring the country's economy recovers from the downturn, one expert has stated.

Chief European economist of Capital Economics Jonathan Loynes claimed the industry could see some of its highest performing areas struggle during the coming years, such as consumer-led businesses and financial services.

"The services sector is going to be much more important, as a result of its sheer size – it's two thirds of the economy," he declared.

Sales and operations planning professionals in the field may be interested in his remarks that the UK needs to shift from its "excessive dependence" on services.

Mr Loynes's comments come after a report from the British Chambers of Commerce raised concerned about the recent weak levels of activity on the sector, compared with strong evidence of growth in manufacturing.

The Quarterly Economic Survey for the last three months of 2010 indicated a slowing of gross domestic product expansion, with services confidence lower than levels recorded earlier in the year.ADNFCR-3058-ID-800337617-ADNFCR
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