Services sector still nervous despite growth

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The Chartered Institute of Purchasing and Supply's latest activity index rose from 52.8 to 53.2, the highest since June. A score over 50 signals growth.

The recovery signs in a sector accounting for more than two-thirds of the economy make it virtually certain that the Bank of England will hold fire on printing any more money for the time being.

But confidence remains near historic lows as businesses work through the impact of government spending cuts.

CIPS chief executive David Noble said: "On the face of it, with a four-month high, October's services PMI figure looks positive, but real and sustained growth remains subdued.

"The consequences of government spending cuts are not yet fully realised and business expectations remain historically low."