"Strong demand" for accountancy services

The accountancy sector has experienced a "buoyant" quarter, according to new figures from the Confederation of British Industry (CBI).

A report produced in conjunction with Grant Thornton states that there was "strong demand for professional services to businesses" and reveal that the sector experienced "strong business volume and value growth".

Growth in the professional services was contrasted with a downturn in consumer services, which the CBI attributes to poor summer weather and interest rate rises.

Alysoun Stewart, head of Grant Thornton's strategic services group, commented: "Business and professional services firms have experienced yet another positive quarter, predicting an increase in profitability for the fifth successive quarter.

"In addition, business expansion is anticipated to be at its most positive level in 18 months."

However, she added that the "credit crunch" currently being experienced in the financial industry could have a "knock-on effect" for the professional services.

The CBI lobbies for UK businesses on both national and international issues.