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UK’s Services Sector Turns Optimistic About Business Outlook

Business confidence in the UK's services sector has received a boost on account of the rapid rollout of the COVID-19 vaccines, according to

Arslan Butt•Monday, March 8, 2021•1 min read
Business confidence in the UK’s services sector has received a boost on account of the rapid rollout of the COVID-19 vaccines, according to latest research by the BDO. The services optimism index has improved to 94.13 during the month of February, the highest levels seen in a year.
Industries across the services sector, including some of the most affected like hospitality and retail expect business conditions to improve to pre-pandemic levels quickly, even before the government removes all the lockdown measures. In addition to the vaccine optimism, hopes for more fiscal support from the government is also supporting expectations for a rebound in the sector.

 

There is also hope for the labor market in the country as it moves towards recovery from the damage caused due to the multiple rounds of lockdown and restrictions imposed to contain the spread of the coronavirus pandemic. BDO’s employment index registered its first uptick – albeit slight, on a monthly basis, improving to 107.68 during February from 107.64 in January.

On a worrying note, however, the situation continues to be grim for the UK’s manufacturing sector with business confidence dipping 0.27 points lower in February to 83.99. Even amid hopes for economic recovery after the pandemic is brought under control, manufacturing firms face added pressures owing to Brexit related uncertainties and disruptions at the border after Britain officially departed from the EU.

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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