UK services businesses report record increase in costs and are downbeat about the future
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As per the latest data from the Confederation of British Industry, published during Tuesday’s Asian session, Britain’s services businesses reported a record increase in costs over the past three months and are downbeat about the future, as inflationary headwinds look set to squeeze demand further.
Following the data release, Charlotte Dendy, the CBI’s head of economic surveys, said, “There are slim pickings for those looking for positive signals in the services sector over the last quarter. Just as rising inflation is hurting households and every business sector, the services industry is no different.”
Despite the downbeat news, GBP/USD remains mildly bid near 1.1720 amid the broad US dollar weakness.
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