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Confidence in the UK economy among financial services professionals hits record low

Confidence in the UK’s economic prospects among financial services professionals is at a record low, a new survey showed today.

A poll of its members by trade body the Chartered Institute for Securities & Investment (CISI) showed confidence was at its lowest level since it began the survey in 2012.

Of the 1,062 respondents, 55 per cent were less optimistic about the UK’s economic prospects, up from 35 per cent a year earlier.

Twenty one per cent of respondents felt more optimistic and 24 per cent were unchanged, compared to 30 per cent optimistic and 25 per cent unchanged a year previously.

The confidence indicator (the sum of positives less the sum of negatives) is -34, which is the lowest score since the survey started.

Simon Culhane, CISI chief executive, said: “Our survey results match those of the latest Association of Chartered Certified Accountants (ACCA) member survey which showed confidence in the UK’s economy is at its lowest level since their report first launched in 2009.

“In addition, the CBI’s latest survey showing confidence of UK manufacturers’ outlook has dropped to -23, the lowest level since the Brexit referendum. Business’s abhor uncertainty, they can’t plan, they can’t invest and they can’t recruit and now, with less than two months before the UK plans to leave, we have complete uncertainty, so this survey result is no surprise.”

The survey ran from 28 September 2018 to 21 January and had 1,062 responses.

Source: City AM