According to the latest figures released, the Service sector in the UK has grown at its fastest rate since December 2006 during the month of August, indicating that the UK economy is recording strong recovery.

The latest survey, which was published by the Chartered Institute of Purchasing and Supply (CIPS) and financial information company Markit, showed that the service growth faster rate but its job creation pace slowed significantly during the month. Mark Carney, the governor of the Bank of England has assured investors and borrowers in the country that the interest rates would remain low in the country until the economy shows strong signs of recovery.

The latest survey showed that all the sectors of the service sector grew to their 15 year highs. The purchasing managers index, published by Markit, rose to 60.5 in August compared to 60.2 in July and its highest level since December 2006. The agency said that the service sector, which accounts for around 78% of the economy, results in higher overall PMI during the month. Experts have said that the manufacturing, services and construction sectors are all recovering in the UK and the economy might grow above 1 per cent this year.