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UK to avoid triple dip recession

Britain will avoid a triple dip recession thanks to near record levels of exports from the powerhouse services sector, according to the British Chambers of Commerce.

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Weak pound boosts demand for UK exports

The pound has fallen against the dollar and euro this year. Credit: PA

The ONS said service sector output increased by 0.8% in January on a year earlier and was up 0.3% month-on-month, despite the snow impact at the start of the year.

It is hoped that this solid performance will offset woes in the construction and manufacturing sectors.

Increased demand for exports has been helping, boosted by the recent weakness of the pound, which makes it cheaper to buy British goods and services.

The BCC's survey showed improvements in both the manufacturing and services sectors, although employment had weakened.

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