Confidence Continues To Grow in UK Financial Services Sector – Report

Financial services companies’ confidence improved more than at any time in the last four years as business grew at its fastest rate since summer 2002, according to the latest quarterly survey of the sector by the CBI and PricewaterhouseCoopers (PwC). This is the second upbeat survey in a row suggesting that a broad-based recovery has now replaced the sharp downturn of the winter and spring. Forty-four per cent said they were more optimistic about the business situation in their sector than three months ago while seven per cent were less. The balance of + 37 compares with + 8 in the previous survey and is the best since June 1999. Only modest growth had been expected but the balance of + 37 per cent indicates the fastest rate of growth since June 2002, according to PwC. Expectations for the next three months are the strongest since December 1999. For the first time in two and a half years more respondents said business was above normal. A balance of + ten in this survey compares with – ten in June.


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