The Confederation of British Industry (CBI) recently released results of its quarterly services sector survey.
As per the outcome for three months to May, business conditions across the services sector continued to fall sharply with the sentiment, business volumes, and profitability all declining.
Key points (Source: CBI report)
- Business and professional services companies reported the biggest fall in the volume of work since August 2012.
- Extremely negative” about the outlook for the year ahead.
- Firms expected to cut investment in land and businesses at the fastest pace since 2010.
- The volume of work also declined in the consumer services industry, albeit at a slower pace than in the business and professional sector
- “Brexit paralysis continues to take a toll on the UK’s services firms. Profits, optimism and investment spending are falling sharply amidst a torrid operating environment,” said CBI economist Anna Leach.