Britain’s economy appears to be picking up speed, according to a survey on Friday that will reassure the Bank of England a day after it raised interest rates for the first time a decade.
Sterling hit a day’s high against the dollar after the IHS Markit/CIPS services Purchasing Managers’ Index (PMI) jumped to 55.6 in October from 53.6 in September, its biggest one-month rise since August 2016.
Despite nervousness among businesses about Brexit, the reading was its highest since April and exceeded all forecasts in a Reuters poll of economists.
The survey of services businesses, which account for around 80 percent of British economic output, follows relatively upbeat PMI readings this week for the smaller manufacturing and construction sectors.
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