LONDON (dpa-AFX) - Businesses in the U.K. turned more pessimistic at the end of 2011 regarding the prospects of the economy and predict a 3-in-4 probability of a recession, a survey on behalf of a unit of Lloyds Banking Group PLC showed Tuesday.
The net balance of survey opinions fell to a 3-year low of -23 in December from -20 in November. The balance fell for a third consecutive month.
The survey results suggested a 3-in-4 probability of a recession, with the likelihood of a small quarterly fall in the fourth quarter of 2011 and a larger contraction in the first quarter of 2012.
Among the survey respondents, 53 percent said they are presently more pessimistic about the economy than three months ago, while 30 percent said they are optimistic. This compares with 47 percent who were pessimistic in November and 27 percent optimistic.
Copyright RTT News/dpa-AFX