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Services sector: The CIPS/Markit purchasing managers’ survey of services showed a headline index of 51.7 for May, from 48.7 in April, its sixth consecutive monthly rise and taking it above the 50 mark that divides expansion from contraction. The results were the best since April 2008.
The economy: The independent Times panel of economic experts says that the Bank of England should pause in its aggressive campaign of action to jump-start the economy, but warned that any recovery will be fragile.
Credit conditions: A survey from the EEF, the manufacturers’ organisation, said that 45 per cent of surveyed companies had reported a significant or moderate rise in the cost of finance over the