Jan
12
2011
Services sector 'important to economic growth'
Posted by John Crawley
Company umbrella contractors in the services sector have been told that their work is important to economic growth in the UK.
Jonathan Loynes, chief European economist at Capital Economics, pointed out that this part of British industry accounts for two-thirds of the economy, so will always be a vital part of it.
He also noted that the public has been a key element in pushing the economy forward, but the spending cuts are likely to lead this into reverse.
Mr Loynes explained: "Within the services, obviously the consumer side of the economy has been doing well over the last decade but is probably not going to be doing quite so well over the next few years."
The expert went on to say that he believes that those with umbrella companies in the manufacturing sector are also helping the economy, but cannot push it along on its own.
Recently, the British Chambers of Commerce's latest Quarterly Economic Survey found that the UK economy had grown once again in the fourth quarter of the year, though at a lower rate than the second and third quarters.
Company umbrella contractors in the services sector have been told that their work is important to economic growth in the UK.
Jonathan Loynes, chief European economist at Capital Economics, pointed out that this part of British industry accounts for two-thirds of the economy, so will always be a vital part of it.
He also noted that the public has been a key element in pushing the economy forward, but the spending cuts are likely to lead this into reverse.
Mr Loynes explained: "Within the services, obviously the consumer side of the economy has been doing well over the last decade but is probably not going to be doing quite so well over the next few years."
The expert went on to say that he believes that those with umbrella companies in the manufacturing sector are also helping the economy, but cannot push it along on its own.
Recently, the British Chambers of Commerce's latest Quarterly Economic Survey found that the UK economy had grown once again in the fourth quarter of the year, though at a lower rate than the second and third quarters.