CBI survey shows decline in corporate confidence

Rising cost pressures and expectations of slowing demand lay behind much of the dip in confidence. Summing up the situation, Lai Wah Co, CBI head of economic analysis, said: "Manufacturing confidence has tumbled over the past quarter. The climb in oil and other raw material prices over recent months has driven costs up significantly. Although firms are having some success in passing these costs on, profit margins are under pressure." The CBI's survey follows that from the CIPS on Friday, which indicated contraction of the manufacturing sector for the third successive month in July...