UK's service sector growth beats forecast

GROWTH in the UK services sector accelerated last month as firms pointed towards their strongest outlook for a year, according to new figures.

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Businesses in the sector, which includes retail, hospitality and financial services, also reported that cost inflation waned to its weakest level for 11 months.

The S&P Global UK services PMI survey scored a reading of 52.3 in October, improving from 50.8 in the previous month.

Any reading above 50 means the sector is growing, while a score below means it is contracting. The closely watched survey was stronger than economists' expected reading of 51.1.