• UK services rebound

The UK service sector rebounded from its December drop to see activity reach an eight-month high in January, according to the purchasing managers’ survey from Markit/CIPS.

The services PMI activity index rose to 54.5 in January from a 20-month low of 49.7 in December. Chris Williamson, chief economist at Markit, said: "The service sector rebounded in January as the country thawed out from the coldest December in a century. But the underlying trend remains one of only very modest growth, and well down on the strong rate seen in the first half of last year."

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