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  • Services Industry has the UK economy on its back

    Posted on 28th April 2016 in News

    The latest figures from the ONS show that growth in the UK’s economy slowed in Q1 from 0.6% in the last 3 months of 2015 to 0.4%.

    The service industry, which accounts for approximately 78% of UK GDP posted growth of 0.6% in Q1 with construction, production and agriculture all contracting.

    The ONS said the UK's total goods deficit narrowed from £10.3bn in January 2016, from £10.5bn in December but it was a trade surplus in services that left the overall goods and services gap at a respectable £3.5bn.

    No pressure then on the legal services sector that contributes £25bn every year to the UK economy and continues to grow despite assaults from successive Lord Chancellors.

    The attached graphic demonstrates how reliant the UK has become on a buoyant services industry. The sector’s output exceeded its pre-downturn peak in Quarter 1 of 2012 and is the only major component of GDP that has managed to achieve that.

    Tagged:

    legal services, GDP, UK economy,

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