50% Off! Beat the market in 2025 with InvestingProCLAIM SALE

UK companies see tough conditions enduring in months ahead: CBI

Published 10/29/2022, 07:02 PM
Updated 10/29/2022, 07:15 PM
© Reuters. FILE PHOTO: People walk across Millennium Bridge with the City of London financial district seen behind, amid the coronavirus disease (COVID-19) pandemic, in London, Britain, January 20, 2021. REUTERS/Hannah McKay

LONDON (Reuters) - British businesses think the gloom hanging over their prospects will persist in the coming months, according to an industry survey published on Sunday.

The Confederation of British Industry's (CBI) gauge of private sector growth in the three months to October rose to -15 from -19 in the three months to September, still in contraction territory.

For the next three months, services and distribution companies expect a further downturn, although manufacturers were more optimistic.

"Notwithstanding a mixed picture across sectors, the private sector continues to face considerable headwinds," said Alpesh Paleja, CBI lead economist.

"Amid rising costs, labour shortages and demand waning, businesses foresee a continued fall in activity over the next three months."

© Reuters. FILE PHOTO: People walk across Millennium Bridge with the City of London financial district seen behind, amid the coronavirus disease (COVID-19) pandemic, in London, Britain, January 20, 2021. REUTERS/Hannah McKay

Paleja said it was vital that new Prime Minister Rishi Sunak restores stability to the economic environment in order to snap companies out of their malaise.

The CBI survey was based on responses from 624 companies, surveyed between Sept. 26 and Oct. 13.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.