The Confederation of British Industry (CBI) said its quarterly survey of service-sector sentiment sank to -4 from +14 for firms providing services in areas such as computing, consultancy and telecoms, and costs rose at the fastest pace since August 2008.
Comments from the CBI Chief Economist Rain Newton-Smith:
“Demand growth is expected to remain subdued next quarter and firms seem hesitant over the prospects for expanding their businesses in the year ahead.”
“The government and Brussels need to get on with … agreeing a new relationship between the UK and the EU that puts people’s livelihoods above politics.”
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