Profits for Britain’s services sector companies have fallen for a seventh consecutive quarter, new figures suggest, as businesses continue to struggle under the weight of higher interest rates and stubborn inflation.
The latest quarterly services sector survey by the CBI has found that cost pressures and disappointing business volumes drove down profits for the consumer and professional services industries over the three months to August.
A net balance of 27 per cent of consumer services operators suffered a fall in profitability over the three months, albeit better than 53 per cent in the previous quarter, while a net balance of 19 per cent of professional services companies reported a decline.
The consumer services industry also recorded a sharp decline in business volume, with a net
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