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Professional service firms enjoy strong growth

Published On 1 June 2007 at 09:53:45

New data shows that three month of strong growth in consumer services and high demand for business and professional services have caused employment in these sectors to increase rapidly.

The latest Confederation of British industry (CBI)/Grant Thornton survey shows that, in the last quarter, employment levels for professional services workers - such as accountancy, law and property professionals - rose at the fastest rate since records began.

Equally, the survey showed that business and professional services firms have experienced strong growth over the last nine months. In fact, 27 per cent more firms in these sectors reported an increase in growth than said turnover had decreased.

"The importance of the service sector to the UK economy cannot be overstated," explained Richard Lambert, the CBI's director general.

"Today, it is the largest employer and a source of national competitive advantage, with the City of London and our creative industries leading the world.

"UK services firms of all sorts are well placed to seize the advantage in rapidly developing economies like India and China."

Alysoun Stewart, the head of Grant Thornton's strategic services group, added: "The service sector has been the powerhouse of the economy for more than a decade and continues to provide the key to the UK's future prosperity.

"The major constraint on continuing growth will be filling vacancies.

"For business and professional services firms, recruiting highly skilled individuals is proving a real struggle, forcing them to boost their salary competitiveness."

 

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