Member Article

UK financial services sector grows

According to a new survey published yesterday the UK financial services sector saw activity grow strongly for the third quarter in a row.

The latest CBI/PwC Financial Services Survey report revealed that firms considered the level of their business is only slightly below normal, the best result since the financial crisis began in September 2007.

Growth in business is anticipated to pick up a little further in the coming three months (+30%).

Ian McCafferty, CBI chief economic adviser, said: “A third quarter of strong volume growth shows the financial services recovery is building strength. It is particularly good news that firms consider their level of business to be only slightly below normal, for the first time since the financial crisis began in 2007.”

According to the survey, business volumes grew across the sub-sectors - apart from banking - where volumes were stable, and finance houses, where they fell.

This was posted in Bdaily's Members' News section by Ruth Mitchell .