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Entrepreneurs Panel

Julie Meyer
David Pollock
Laura Tenison
Richard O'Sullivan
Brian Hay
Tony Caldeira
Michael Oliver
Charlie Mullins
Debbie Pierce
Steve Purdham
Jeremy Roberts
Jennie Johnson

Service sector shrinks again

Britain's services sector shrank in October at its fastest pace since the Chartered Institute of Purchasing and Supply began the series back in mid-1996.

Its purchasing managers' index slumped to a worse than expected 42.4 from 46 in September, the sixth month is succession it has come in below 50, the level which indicates contraction.

The UK's construction sector contracted for the eighth month on the trot last month and at its fastest pace since the survey began 11 years ago, while manufacturing shrank for the sixth month in a row.

"However, there is at least good news in the survey on the inflation front for the Bank of England as both the input and prices charged indices retreated further to respective 13-month and 32-month lows."

Prices charged were the lowest since February 2006, while softer commodity prices dropped input prices to their lowest since September 2007.

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