Services sector grows at fastest rate for 10 months

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A snapshot of activity across industries including restaurants, computing and transport, which generate over three-quarters of UK output, showed its strongest expansion since January. 

Companies also took on staff at the fastest rate since April to help deal with a backlog of work, although optimism over longer-term prospects was dented by political uncertainty and rising costs. 

The Markit/CIPS services purchasing managers’ index climbed to 55.2 from 54.5 in October, its fourth monthly reading above the 50 denoting growth following a post-EU referendum contraction. 

Economists said the update means the economy is likely to maintain the 0.5 per cent quarter-on-quarter growth achieved over the previous three months.

IHS Markit chief business economist, Chris Williamson, said: “The further upturn in the vast services sector shows that the pace of UK economic growth remains…

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