Newspaper article The Evening Standard (London, England)

Shares Turmoil Damages the Capital's Confidence

Newspaper article The Evening Standard (London, England)

Shares Turmoil Damages the Capital's Confidence

Article excerpt

Byline: NICK GOODWAY

LONDON business confidence, which had been recovering steadily since last year's terrorist bombings, stalled suddenly in the second quarter.

The dramatic fall in share prices during May and the subsequent volatile performance of the stock market appear to be major factors in the downturn, according to research out today from the London Chamber of Commerce & Industry (LCCI).

Its poll of 148 companies found that while 36% believe that London's economy will improve over the next 12 months, 18% think it will get worse.

That gives a positive balance of just 18% compared with 28% for the January-to-March survey. The downturn has been twice as severe in the financial services sector, with a balance of just 12% optimistic about the coming year against 32% in the first quarter.

LCCI chief executive Colin Stanbridge said: "It is worrying that business confidence should have fallen in this way. In particular it is a warning to the Government of the current fragility of the London economy which could prove a threat to the health of the economy as a whole. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.