3i Upbeat Despite Huge Losses

The company revealed losses of £960m against £142m for the year before. Total investment almost halved to a little over £1bn. The losses were caused primarily due to the huge fall in the value of 3i's investments.

Chief Executive Brian Larcombe described the year as 'challenging', but commented that he sees 'clear evidence of improved conditions.'

Liz Hewitt, 3i director of corporate affairs, told BBC News Online that a survey to be published later this month shows 'a marked improvement' in business confidence.