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.


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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.