Optimism across the services sector improved for the fourth consecutive month in February to its highest level since 2006, reflecting hopes that the Covid-19 vaccine rollout will lead to a strong economic rebound.
The IHS Markit survey found that business leaders were planning to expand their activities over the next 12 months despite several months of falling orders during the UK’s third lockdown and port delays after the Brexit trade deal was reached with the EU in December.
International travel restrictions were the most commonly cited reason for lower exports along with increased paperwork at UK ports since January, which also stifled business activity by limiting essential imports, businesses said.