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Business services ''driving UK economy''

10 May 2011
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Business services ''driving UK economy''The business services sector has been described as the "lifeblood of the UK's knowledge economy".

This is according to The Work Foundation, which has concluded the sector is now responsible for more than one-fifth of the financial output of the country.

Andrew Sissons, author of a report on the issue for the organisation, explained that the manufacturing industry "will continue to be hugely important for the economy".

However, those concerned with continuous improvement in companies such as law, IT and accounting businesses may be interested in his claim that business services had overtaken production as the field that can sustain fiscal recovery.

Twice the output of manufacturing now comes from such organisations, with 38 per cent of all UK economic growth since 1970 generated by the business services sector.

Commenting on recent gross domestic product figures, The Work Foundation's Ian Brinkley pointed out that signs of renewed growth were seen within knowledge intensive high value sectors over the first quarter of 2011.ADNFCR-3058-ID-800525892-ADNFCR
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