Confidence Among UK Services Firms Hits Three-Year Low

Confidence in Britain’s dominant services sector fell to its lowest level in over three years in the three months to May ahead of the country’s European Union membership referendum in June, a survey showed on Thursday.

“Companies are sounding the warning bell as they get to grips with increasing uncertainty,” Rain Newton-Smith, the Confederation of British Industry’s director of economics, said.

As well as the EU vote on June 23, volatility in global financial markets earlier this year and a slowdown in the world economy also weighed on British services firms, the CBI said.

However, business conditions and demand were holding up reasonably well, Newton-Smith said.

Reuters

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