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Inflation and the Service Sector - speech by Timothy Besley
In a speech to the Cardiff Breakfast Club today, Professor Timothy Besley, a member of the Bank’s Monetary Policy Committee, considers the long-term structural shift of the UK economy from manufacturing towards services and its implications for growth and inflation.
Published on
18 January 2007
Market services – which are services excluding government – grew from a little less than 50% of gross value added in 1985 to more than 60% in 2004. Most of this was a relocation of economic activity from manufacturing to services.
Press release