Business services UK's 'lifeblood' - graduate jobs

Graduates will be interested to read a new report which says that "knowledge-based" business services have replaced manufacturing as the "lifeblood" of the UK economy.

The Work Foundation said the business services sector - which includes law, accountancy and computing - is the mainstay of the country's economy, having contributed 38% of all UK economic growth since 1970.

The sector has created nearly 1.8 million jobs since then, according to the report.

The research group argued that business services account for over 20% of the country's GDP and 11% of employment.

Report author Andrew Sissons said: "As we've argued previously, manufacturing will continue to be hugely important for the economy but it is unwise to pin all hopes for recovery on this sector to the detriment of the UK's greatest economic strength. Like it or not, business services have become the lifeblood of the UK's knowledge economy and now account for twice the output of the manufacturing sector.

"The business services sector goes far beyond simple service provision and is much more than a spin-off from other parts of the economy. It supplies the professional and technological support that businesses depend on for innovation and growth."