Companies listed on the London stock market issued 65 profit warnings in the three months to the end of September, the highest quarterly total in two years, according to the consultancy EY-Parthenon, as reported by the Guardian.
Rising costs were the main reason for 35% of the warnings, and 38% pointed specifically to the war in the Middle East, which has pushed up fuel and energy bills. Housebuilders have already issued more warnings this year than during the 2008 financial crisis, and almost a fifth of UK-listed businesses have warned on profits at least once in the past year.
The figures come less than two weeks before the chancellor, John Healey, delivers his 28 October budget, with business leaders pressing for emergency support. Healey is reported to be planning a cut in business rates for small firms.
Source: The Guardian
