Profitability and business volumes in the UK financial services sector fell at record rates in the three months to early September, according to the results of the latest CBI/PwC survey.
Business fell in all sectors, while income dipped sharply, further jobs were cut and the cost of credit rose for the third successive quarter. Moreover, 99pc of those firms surveyed said that it would take more than six months for 'normal' market conditions to return. Just 10pc of firms reported growth in business volumes over the quarter, while 61pc reported a downturn. The resulting balance of -51pc was the weakest since the survey started in December 1989. Profitability also declined at a record rate, with a net balance of 49pc of firms reporting a fall. Further downturns in business ...
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