Upswing in UK services firms points to renewed economic growth

British services companies reported the strongest upswing in activity in almost a year during April, despite a new surge in cost pressures, according to a survey that pointed to a solid rate of economic growth.

The S&P Global UK Services Purchasing Managers’ Index rose in April to 55.0, its highest level since May 2023 and up from a preliminary reading of 54.9. Readings above 50 represent expansion.

The survey showed a robust increase in new orders, but also the biggest acceleration of cost pressures since August ...