FOREX TradingCharts.com

Financial News: Brexit Biggest Threat To UK's Financial Centre Status,

Brexit Biggest Threat To UK's Financial Centre Status, Survey Finds

01/29/2018 - 09:04:00 (RTTNews)

(RTTNews) - British businesses saw Brexit as the most serious threat to UK's status as the major financial centre, a survey by the Confederation of British Industry found.

Business conditions in the United Kingdom is likely to pick up somewhat in the first quarter of this year, although optimism in the financial services sector fell significantly during the fourth quarter, results of the latest CBI/PwC Financial Services Survey showed Monday.

The quarterly survey of 92 firms revealed that optimism in the financial services sector fell for a third successive quarter, having declined in seven out of the last eight quarters.

This marked the longest period of falling sentiment since the global financial crisis of 2008, the business lobby CBI said.

Thirteen percent of firms said they were more optimistic about the overall business situation compared with three months ago, while 35 percent said they were less optimistic, giving a balance of -22 percent versus -6 percent in the quarter to September.

Among sectors, banks, building societies and general insurers were decidedly less positive than three months earlier, while finance houses, life insurers and investment managers felt more optimistic.

"Firms are nearly unanimous in voicing their concern about the damaging impact of Brexit uncertainty and the need for the UK to remain a vibrant centre of FinTech and innovation," Rain Newton-Smith, CBI chief economist, said.

"To restore some confidence, financial services firms absolutely must - no ifs, no buts - get as much certainty as possible on what the UK is aiming for in the Brexit negotiations, the opportunities of success and the consequences of failure."

The survey also found that companies were concerned that the quality of infrastructure in the UK is lagging behind peers, with 53 percent ranking the country's physical infrastructure within their top three concerns, while a similar share of 47 percent pointed to the digital infrastructure.

"Against this backdrop, businesses are actively thinking about their workforce needs for the future," Andrew Kail, head of financial services at PwC, said.

Focusing on the attributes, skills and number of employees they will require to be successful in the years ahead is now a key strategic issue, the economist added.

"Looking to the year ahead, financial services firms continue to plan for higher spending on marketing and IT, but expect to cut back in other areas of capital spending."

Looking ahead to the quarter to March, growth in business volumes is expected to pick up somewhat.

According to the survey, 17 percent of firms expect volumes to rise next quarter, and 3 percent expect them to fall, giving a balance of +14 percent.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2018 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Portugal Inflation Slows For Second Month (12 hr(s), 15 min(s), 54 sec(s) ago)
(RTTNews) - Portugal's consumer price inflation eased for the second straight month in January ...Full Story»

Latvia Inflation At 14-Month Low (12 hr(s), 27 min(s), 54 sec(s) ago)
(RTTNews) - Latvia's consumer price inflation eased for the fifth successive month in January ...Full Story»

OECD Unemployment Rate Falls In December (12 hr(s), 28 min(s), 54 sec(s) ago)
(RTTNews) - The unemployment rate in the Organization for Economic Cooperation and Development are ...Full Story»

China's Bank Lending At Record High (12 hr(s), 57 min(s), 54 sec(s) ago)
(RTTNews) - China's banks lent a record amount of new yuan loans in January, data from the Peo ...Full Story»

UK January Household Spending Fall First In 5 Years: Visa Survey (14 hr(s), 32 min(s), 54 sec(s) ago)
(RTTNews) - UK household spending declined at the start of the year, which was the first January d ...Full Story»

Swiss Inflation Slows In January (15 hr(s), 19 min(s), 54 sec(s) ago)
(RTTNews) - Switzerland's consumer price inflation slowed in January, data from the Federal St ...Full Story»

Singapore Visitor Arrivals, Tourism Receipts Hit Record Highs In 2017 (15 hr(s), 30 min(s), 54 sec(s) ago)
(RTTNews) - Singapore's both tourism receipts and visitor arrivals attained record highs for t ...Full Story»

Romania Industrial Production Grows Sharply In December (16 hr(s), 19 min(s), 54 sec(s) ago)
(RTTNews) - Romania's industrial production expanded markedly at the end of the year, mainly d ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Portugal Inflation Slows For Second Month

02/12/2018 - 06:39 AM (RTTNews)
(RTTNews) - Portugal's consumer price inflation eased for the second straight month in January ...Full Story>>

Latvia Inflation At 14-Month Low

02/12/2018 - 06:27 AM (RTTNews)
(RTTNews) - Latvia's consumer price inflation eased for the fifth successive month in January ...Full Story>>

OECD Unemployment Rate Falls In December

02/12/2018 - 06:26 AM (RTTNews)
(RTTNews) - The unemployment rate in the Organization for Economic Cooperation and Development are ...Full Story>>

China's Bank Lending At Record High

02/12/2018 - 05:57 AM (RTTNews)
(RTTNews) - China's banks lent a record amount of new yuan loans in January, data from the Peo ...Full Story>>

UK January Household Spending Fall First In 5 Years: Visa Survey

02/12/2018 - 04:22 AM (RTTNews)
(RTTNews) - UK household spending declined at the start of the year, which was the first January d ...Full Story>>

Binary Options Articles Courtesy of NADEX

These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.