Those working within the financial sector are increasingly gloomy about the UK economy, according to The Chartered Institute of Marketing.

With the credit crunch looming large over the sector, 41 per cent of financial marketers believe the UK will be in recession during 2008 – more than any other industry sector.

Only nine per cent think the economy will improve (compared with 12 per cent for the UK as a whole) in the year ahead, while 61 per cent believe conditions will worsen – a significant rise on this time last year, when just 36 per cent expected economic conditions to deteriorate.

However, when asked how their own organisation would fare, a surprising 42 per cent of marketers in the sector said that business would improve in the next 12 months, higher than the UK average of 39 per cent.

Just 18 per cent thought business for their organisation would get worse.

David Thorp, director of research and information at The Chartered Institute of Marketing, says, ‘With the end of the “nice” decade, financial marketers are increasingly pessimistic about the UK economy. However, many remain bullish about their own prospects and will be looking for the opportunities an economic downturn can bring.’