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UK service sector shrinks

There are fears over the economy after figures suggested the service sector shrank last month for the first time in two years. It comes after disappointing construction figures yesterday.

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'Underlying demands remains weak' in service sector

Bad weather is likely to have played a role in dampening service sector activity in December, but the fact that incoming new business dropped for a second successive month suggests that underlying demand remains very weak and that activity may continue to fall in the new year.

– Chris Williamson, chief economist at Markit

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