CBI: UK services businesses enjoy first profit rise in two years - RTRS

The latest data published by the Confederation of British Industry (CBI) revealed that the UK services sector reported the first rise in profits in more than two years during the past quarter, contradicting the downbeat official data released last week.  

Key Points via Reuters:

CBI said volumes in the services sector as a whole grew at the fastest pace since August 2015 in the three months to February, and profits rose too.

CBI chief economist Rain Newton-Smith noted: “Despite feeling the pinch from high inflation, business volumes have bloomed, profits have grown for the first time in over two years and hiring is on the up.”

“Plans for expansion among business and professional services firms have turned downwards. Up and down the country, businesses are plainly worried at the lack of clarity over the UK’s future relationship with ... the EU,” Newton-Smith added.