Business activity among UK firms in the business services sector is at its highest level since 2008, but is now stalling, according to invoice financiers Bibby Financial Services’ latest Business Factors Index.

During the last 12 months, the sector has increased turnover by a greater amount than any other sector.

Tracking 4,000 UK clients since the start of the economic downturn in 2007, the Business Factors Index also finds that companies are cautious when it comes to the future.

Overall, 29% thought the sector will continue to be affected by the downturn for a further two years or more, with 17% and 20% expecting its impact to continue for at least three and five further years respectively.