P.M. BRIEFING : British Confidence at 10-Yr. Low

The Confederation of British Industry today reported the lowest level of business confidence since October, 1980, with manufacturers reporting falls in orders, output and employment.

The employers’ organization, in its quarterly survey of industrial trends and business confidence, reported that 53% of firms surveyed said they were “less optimistic about the general business situation than four months ago.” This was the eighth consecutive monthly decline.

The October, 1980, survey found that 46% of respondents were negative on the economy.

“Manufacturing industry is clearly facing very tough economic and trading conditions, and many firms are now battening down the hatches and preparing to ride out the storm,” said David Wigglesworth, chairman of the CBI committee that compiled the study.