PwC comments on February's S&P Global UK Services PMI

Mark Anderson, Business Services Sector Leader at PwC UK said:

“While February’s PMI reading of 51.0 shows that UK business services firms remain resilient growth drivers and are positive on the market outlook for the next 12 months, rising payroll costs, subdued market conditions and geopolitical uncertainty are tempering demand. Firms are busy investing in new product development and export markets to drive future growth prospects, while evaluating the future size, shape and skills of their workforces. 

“The adoption of new technologies in particular has emerged as a pivotal factor for business services firms’ performance, helping to optimise operations, leverage data-driven insights, and drive both top-line and bottom-line growth. Embracing innovation is transforming business models in the sector and enabling service providers to deliver better, more efficient and differentiated outcomes for their customers.”