INSTANT VIEW - Service sector shrinks at record pace in November

LONDON (Reuters) - Britain's dominant services sector contracted in November at its fastest rate since the series began in 1996 as new business, employment and confidence fell at record rates.

The drop in activity, combined with a sharp fall in price pressures, will reinforce expectations the Bank of England will slash interest rates by a full percentage point this week.

KEY FIGURES FOR CIPS/MARKIT UK SERVICES SECTOR

Nov 08 Oct 08 Forecast Business activity 40.1 42.4 41.2

KEY POINTS

- Weakest headline activity index since series began in July 1996

- Weakest employment, new business, outstanding business and expectations index levels since series began

- Prices charged index shows first outright fall in output prices for seven years; input prices rise at their slowest rate since March 2002

ANALYST COMMENTS