UK services sector records fastest ever job loss: Survey

LONDON: As the recession deepens, jobs in the British services sector are being lost at the fastest rate in over ten years and the outlook looks bleak for some time to come, a latest survey says.

"For the second quarter running, firms selling services to businesses saw the volume and value of their business, profitability and numbers employed fall at the fastest rate in the survey's ten-year history," the Confederation of British Industry Service Sector survey highlighted.

Sharp falls in business volumes and profitability were reported by companies for three months to February, along with plans to scale back investments and jobs.

Elaborating further CBI Chief Economic Adviser Ian McCafferty said: "The effects of a global recession are being keenly felt by services firms. Jobs are already being lost at the fastest rate in over ten years from the whole of the service sector, and firms' expectations suggest conditions will remain depressed for some time to come."

The quarterly survey, conducted between January 28 and February 11, covers 196 service sector firms across business and professional services, such as accountancy, legal and marketing firms, and consumer services, including hotels, bars and restaurants, travel and leisure.