Value of new contracts signings is at its lowest level for 8 years, says analyst firm Ovum

Total contract value (TCV) of deals announced in this quarter was just $19bn (£11.8bn) – down 40% on the same perios last year – this is the lowest TCV has been since 2003. "The distinct lack of large deals on offer was a major contributing factor, combined with the on-going lack of demand from private sector firms, particularly in the US," said Ed Thomas, Ovum analyst.