The services sector in the UK grew at a faster rate than expected in May.
The Markit/CIPS services purchasing managers' index (PMI) eased slightly to 58.6 in May from 58.7 a month earlier whilst predicting that the economy as a whole would grow by 0.8% in the second quarter of 2014.
That would push the economy past its previous 2008 peak.
A Skipton Business Finance spokesperson said: “The UK economy grew at its fastest pace in more than six years in the first quarter of 2014 and is expected to be among the fastest-growing Western economies.”
Forecasts suggest the economy will expand by about 3% in the year.
Invoice Finance for growth?
With a flexile Invoice Finance solution, such as Invoice Factoring or Invoice Discounting, the facility will grow in line with your business growth. Bank overdrafts and loans are usually fixed, however with an Invoice Finance facility, the more sales you make, the larger your facility will grow!
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We’d be delighted to help structure an Invoice Factoring solution around your business.
Being backed by Skipton Building Society, one of the largest and most trustworthy financial establishments in the UK, it means we have funds ready to lend to businesses up and down the country.
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