Britain's financial services industry, one of the economy's most important business sectors, expects its growth to slow over the first three months of 2011, the Confederation of British Industry said today. According to a survey of the sector, the CBI said although business volumes in the sector rose in the three months to December, profitability did not increase as fast as expected. The survey also found that numbers employed in the sector fell at the fastest rate for 17 years and companies' concerns over worsening financial markets had increased. Financial services represent some 8 percent of Britain's gross domestic product but the sector has been hit by Ireland's economic slump and similar debt crises in other European countries. The CBI survey said banks had experienced a sharp fall in profitability and a similar decline for the banks was expected in the coming quarter. It added that financial services firms had become more concerned about their ability to raise funds over the coming months. The CBI survey was conducted between November 22 and December 1 and covered banks, building societies, insurers, trading houses and fund managers.