Member Article

Service sector exports rise to all-time high

Exports from the UK service sector rose to an all-time high in the first quarter of the year, according to analysis from the British Chambers of Commerce.

The body’s Quarterly Economic Survey found key manufacturing balances were at record levels, but more stable recovery required less reliance on consumer spending.

A rise in inflation still was shown to be the key concern of both manufacturing and service firms.

Speaking during Export Week, the Chambers’ director general, John Longworth, said: “We are brilliant at services and very successful at exporting our knowledge-based industries all over the world. This includes everything from accountancy and marketing through to literature and the IT sector.

“In addition, our dynamic, high-value manufacturing sector is once again confounding expectations, and going from strength to strength. But UK firms are ambitious, and more support is needed if we are to place the recovery on a sustainable, broader footing in the medium-term.

“We have witnessed many false dawns during the recovery, and external shocks still loom on the horizon. Given that over the next year or so we face political change at home and abroad, long-term policies that support our businesses as they look to grow and invest are crucial.

“Access to finance and export support also remain vital if we are to secure a truly great economic recovery. Only by repairing our broken business finance system will viable, growing firms gain access to the capital that will allow them to invest in their staff and machinery, and enter new markets. And despite recent falls, inflation remains a key concern for our businesses, and the Bank of England must strive to maintain an investment-friendly environment, with clarity on forward interest rates and action to keep inflation low.”

This was posted in Bdaily's Members' News section by Tom Keighley .