Financial services hit by record profits drop - CBI

Published today, the survey paints a gloomy picture for the economy, revealing that just 17% of firms taking part said volumes rose, while 59% reported falls. The body said declines had been worse than originally forecast; with 25% of respondents revealing they expected volumes to fall further over the next three months. The CBI reported falls were "unanimous across all areas" with the exception of finance houses, the only sector not experiencing losses over the four quarters of last year. There was a ray of light in the general insurance (GI) sector, with business levels considered t...