Plumetting income-rate fastest in more than 25 years

The UK financial services sector has been hit by record drops in income levels while business volumes have continued to fall sharply.

The industry has cut jobs at its fastest rate since 1993 to try and trim costs and alleviate steep falls in profitability. Investment plans have also been drastically scaled back.

Asked how their business volumes fared in the three months to early March, 9% of firms responding to the latest CBI/PwC Financial Services Survey said that volumes rose, while 56% said

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