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Private sector firms expect business activity to weaken further in the first quarter of the new year, extending a run of negative forecasts that began in the run-up to the November budget.<\/p>\n
The CBI\u2019s latest Growth Indicator marks \u201ca continuation of the headwinds that have plagued businesses over the past 12 months\u201d said CBI Deputy economist Alpesh Paella, adding that strong cost pressures continue to squeeze margins.<\/p>\n
\u201cUncertainty ahead of November\u2019s Budget also put the brakes on key spending decisions and big projects, choking up pipelines of work. The latest Growth Indicator suggests that the alleviation of this uncertainty hasn\u2019t materially boosted activity.\u201d<\/p>\n
The survey coincided with data showing the UK economy grew 0.1% in July to September, in line with the initial estimate.<\/p>\n
Figures released by the\u00a0Office for National Statistics\u00a0on Monday show that the second quarter growth was revised down to 0.2% from 0.3%.<\/p>\n
ONS director of economic statistics Liz McKeown said: \u201cToday\u2019s updated figures paint the same picture as our initial estimate, with growth continuing to slow in the third quarter.<\/p>\n
\u201cGrowth in services were partially offset by falls in production, with a marked drop in car manufacturing.<\/p>\n
\u201cOur latest figures show the household saving ratio, whilst falling in recent periods, remains high by historic standards.\u201d<\/p>\n
The FTSE 100<\/strong> was down 0.3% in early trade.<\/p>\n \t <\/div>\n