"The first fall in service sector activity for two years raises the likelihood that the UK economy is sliding back into recession, " said Chris Williamson, chief economist at Markit.

BBC: UK service sector activity falls in December

Marks, Managing Partner at High Rock Partners, he told me we are heading into a period, where there will be a big push for transactions to close before the end of the year especially since deal activity was muted during the first two quarters of 2010.

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The first two and a half days of the Festival have been a blur of activity.

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Imports, another crucial indicator of economic activity, were also down for the first two months of the second quarter.

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Activity in the UK's services sector fell for the first time in two years in December, a survey has suggested, raising fears of yet another recession.

BBC: UK service sector activity falls in December