Global economic slowdown is causing a plunge in business confidence in the U.K. financial services industry, according to a survey by the Confederation of British Industry and PricewaterhouseCoopers.
Business confidence has dropped to an eight-year low. Sixty-two percent of the 186 companies surveyed between late August and early September were less optimistic than three months ago, while only 9% were more optimistic.
Out of 20 money managers surveyed, the fall in confidence was even sharper. Of those surveyed, 81% said confidence has fallen since the previous three months