The results of the survey is in sharp contrast to official data released by Britain.
On Monday, in sharp contrast to downbeat official data released last weak by Britain, the country’s services sector reported its first rise in profits in more than two years.
According to the Confederation of British Industry, the volumes and the profits in the services sector has grown at its fastest pace from December to February.
“Despite feeling the pinch from high inflation, business volumes have bloomed, profits have grown for the first time in over two years and hiring is on the up,” said Rain Newton-Smith, CBI’s chief economist.
Official data released last Thursday showed the British economy growing at its slowest pace since 2012, much of which can be attributed to higher inflation triggered by Britain’s shock Brexit vote.
The output of Britain’s services sector in December was almost flat in December, according to official data.
In contrast, the CBI’s survey showed that consumer demand has picked up pace for the period of December to February, after a decline in the previous 3 months period, while costs were under control.
Despite painting such a rosy picture, investment plans were muted.
“Plans for expansion among business and professional services firms have turned downwards. Up and down the country, businesses are plainly worried at the lack of clarity over the UK’s future relationship with … the EU,” said Newton-Smith.
Last Friday, CBI’s director-general Carolyn Fairbairn had said, the growth of business in the country risks being stunted if companies did not get ready access to EU migrant labor.