CISI Survey Highlights Sharp Fall in Confidence in UK Economy

A sharp fall in confidence in the UK economy among financial services practitioners has been highlighted by a Chartered Institute for Securities & Investment (CISI) survey. Of respondents only 15% feel that prospects for the economy are brighter than three months ago. More than half (56%) are less optimistic and 29% believe that the health of the economy is unchanged.

The CISI ran a previous survey in the summer gauging confidence in the economy. At that time 26% were more optimistic, 35% were gloomy about the chances of recovery and 39% felt the economy was neither moving backwards or forwards.

One contributor to the latest online survey, which attracted nearly 750 responses, said: “Steeply rising inflation, no pay rises and job losses could push us towards civil unrest. People will actually struggle to feed themselves.” Others warned that the UK would suffer badly as a result of European and US debt woes. Comments included that “the debt crisis in European countries will eventually hit us hard – countries will collapse.” A further contributor predicted: “It will be a very long road back to economic health – 15 years or so.”

But on a brighter note, one respondent said: “The next three months need to be passed. After that we will see surprise gains until next Christmas.”

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