The fourth-quarter CBI services sector survey released today was markedly more upbeat, supporting the view here that the UK economy is regaining momentum in lagged response to faster real money supply expansion since late 2011. The net percentage of firms expecting higher business volumes surged to its highest seasonally-adjusted level since the fourth quarter of 2007, reflecting strength in professional and business services, although consumer services also improved. The CBI results suggest that the November PMI services survey, released on 5 December, will surprise positively – see chart.
