Crunch slows service sector
Confidence hit but interest rates likely to remain unchanged as inflationary pressure continues
Confidence hit but interest rates likely to remain unchanged as inflationary pressure continues
The UK’s services sector grew at its slowest pace in more than a year in
September as the credit crunch hit confidence in the financial sector.
The Chartered Institute of Purchasing and Supply and NTC, the research group,
said their index of services activity fell to 56.7 from 57.6 in August, slightly
below forecasts but still indicating growth above the long-run average.
However, the survey also revealed that prices in the services sector have
risen even though confidence in future business was beginning to weaken.
Staffing levels had not changed during the period.
The news is likely to reinforce predictions that interest rates will remain
unchanged at 5.75% – the Bank of England’s monetary policy committee is due to
announce its monthly decision today (Thursday 4 October). Continuing
inflationary pressure is likely to counteract calls for a rate cut following the
recent financial turmoil in the credit markets.
The numbers you crunch tell a story. Your expertis...
17yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleGlobal spend on accountancy outsourcing up by 40% in the space of five years. News comes as accountancy outsourcing specialist AdvanceTrack reports en...
View articleFollowing a profitability review, Deloitte has decided to scale back its UK deals business due to lower returns. This strategic shift could lead to jo...
View articleUK-based Dow Schofield Watts (DSW), a mid-market professional services network, announced the creation of a new division called DSW Principal Partners...
View articleEY has been undergoing significant cost-cutting measures and streamlining its operations since the abandonment of Project Everest. The firm has made t...
View articleTransitioning from an accounting firm to a consultancy model is only one part of the puzzle. The next, equally vital piece is making the market aware ...
View articleThis framework, while providing a top-line view, underscores the importance of strategic vision, operational excellence, and the spirit of continuous ...
View articleLooking ahead, the Big 4 firms face a challenging year, with ongoing cost-of-living concerns, slow economic growth, rising geopolitical tensions, and ...
View articleLast month it was reported that Deloitte would be cutting approximately 1,200 jobs in the United States, making it the latest of the Big Four accounti...
View article