Menu
03/12/2001
UK service sector confidence continues to fall
The latest quarterly survey of the UK service sector by the Confederation of British Industry (CBI) and Deloitte & Touche has found business volumes, confidence, profitability and prices are all falling.
While the slowdown in the UK service sector is getting worse and more interest rate cuts may be needed according to a new report, many experts are arguing that the Bank of England's Monetary Policy Committee (MPC) should consider cutting the UK interest rate further.
However, the Bank of England has already cut rates seven times this year, bringing the UK base rate down to 4 per cent, as it tries to steer the UK's economy away from a recession many analysts have been predicting has been on the cards.
The survey found the volume of business dropping sharply across all service areas. Consumer services had slipped 39 per cent down to stand at minus 59 per cent, compared to minus 20 per cent. While in business and professional services the balance was down 17 per cent, to minus14 per cent, compared to plus 3 per cent in the survey last quarter.
Prices, profits and confidence also fell over the three-month period and the sector is set for a tough three-months ahead. (MB)
While the slowdown in the UK service sector is getting worse and more interest rate cuts may be needed according to a new report, many experts are arguing that the Bank of England's Monetary Policy Committee (MPC) should consider cutting the UK interest rate further.
However, the Bank of England has already cut rates seven times this year, bringing the UK base rate down to 4 per cent, as it tries to steer the UK's economy away from a recession many analysts have been predicting has been on the cards.
The survey found the volume of business dropping sharply across all service areas. Consumer services had slipped 39 per cent down to stand at minus 59 per cent, compared to minus 20 per cent. While in business and professional services the balance was down 17 per cent, to minus14 per cent, compared to plus 3 per cent in the survey last quarter.
Prices, profits and confidence also fell over the three-month period and the sector is set for a tough three-months ahead. (MB)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
17 April 2002
Economy has made impressive improvements says Trimble
Northern Ireland First Minister David Trimble has delivered the Annual Lecture to the Institute of Directors in London. Reviewing the prospects for the local economy in the province Mr Trimble delivered an up-beat assessment of Northern Ireland’s political prospects.
Economy has made impressive improvements says Trimble
Northern Ireland First Minister David Trimble has delivered the Annual Lecture to the Institute of Directors in London. Reviewing the prospects for the local economy in the province Mr Trimble delivered an up-beat assessment of Northern Ireland’s political prospects.
15 March 2002
London still most expensive city for office space
London remains the world's most expensive city to rent office space, with average annual occupancy costs of around £1,072 per square metre. International property consultants Healey & Baker looked at 45 countries around the world, analysing the total costs of occupying office space in 100 locations.
London still most expensive city for office space
London remains the world's most expensive city to rent office space, with average annual occupancy costs of around £1,072 per square metre. International property consultants Healey & Baker looked at 45 countries around the world, analysing the total costs of occupying office space in 100 locations.
11 October 2001
Motorola cuts a further 7,000 jobs
Mobile phone maker Motorola is set to axe a further 7,000 jobs worldwide bringing the company’s total job cuts to 39,000 since the start of the year. Motorola chief Robert Growney revealed that around 4,000 of the latest losses were associated with sold businesses, with a further 3,000 earmarked for loss through cuts and attrition.
Motorola cuts a further 7,000 jobs
Mobile phone maker Motorola is set to axe a further 7,000 jobs worldwide bringing the company’s total job cuts to 39,000 since the start of the year. Motorola chief Robert Growney revealed that around 4,000 of the latest losses were associated with sold businesses, with a further 3,000 earmarked for loss through cuts and attrition.
04 March 2002
Top Consignia directors decline 10 per cent pay hike
Two senior directors of postal company Consignia have decided not to accept a 10 per cent pay rise following anger among postal unions.
Top Consignia directors decline 10 per cent pay hike
Two senior directors of postal company Consignia have decided not to accept a 10 per cent pay rise following anger among postal unions.
21 February 2002
Oftel urges BT to cut internet costs
Telecommunications regulator Oftel has recommended that BT slash their costs for unmetered Internet access. Oftel wants BT to cut the amount it charges Internet service providers to use their existing telephone network by seven per cent.
Oftel urges BT to cut internet costs
Telecommunications regulator Oftel has recommended that BT slash their costs for unmetered Internet access. Oftel wants BT to cut the amount it charges Internet service providers to use their existing telephone network by seven per cent.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
