LONDON (AFX) - Business confidence in the UK financial services sector fell to its lowest level for more than two years despite rising volumes, according to the latest survey of the sector from the Confederation of British Industry and leading accountancy firm PriceWaterhouseCoopers.
According to the survey, a balance of 22 pct of companies were less optimistic than three months ago. The figure was in sharp contrast with last December's, where a balance of 2 pct had remained positive.
According to Ian Dilks, partner at PriceWaterhouseCoopers, sectors closest to the equity markets such as securities traders and fund managers show the most marked decline in optimism.
" ...those closest to the 'real economy,' including general insurers remain positive overall and expect future growth in profitability," he said.