The UK’s service sector grew at a faster rate than anticipated last month, according to a survey by business analysts Markit and CIPS.

The purchasing managers' index (PMI) also indicated that employment in the sector was stable at the 17-year high which it hit in April.

The PMI data comes ahead of the monthly meeting of the Bank of England's Monetary Policy Committee (MPC), today.
Markit chief economist Chris Williamson commented: “With every strong PMI reading, the more lively the discussion will become among the Bank of England's Monetary Policy Committee that a pre-emptive early hike in interest rates is warranted.”