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Financial News: Optimism Among UK Financial Services Firms Weaken: CBI/PwC

Optimism Among UK Financial Services Firms Weaken: CBI/PwC

03/26/2018 - 02:27:00 (RTTNews)

(RTTNews) - Optimism in the financial services sector fell for the fourth consecutive quarter at the start of 2018, survey data from the latest Confederation of British Industry and PricewaterhouseCoopers showed Monday.

About 7 percent of firms said they were more optimistic about the overall business situation compared with three months ago, whilst 24 percent were less optimistic, giving a balance of -17 percent, the Financial Services Survey revealed.

A balance of 22 percent of firms said business volumes increased in three months to March.

Looking ahead to the quarter to June, business volumes are expected to expand at a steady pace, as 23 percent of firms expect volumes to rise next quarter, and 3 percent expect them to fall, giving a balance of +20 percent.

"Add to Brexit the high levels of competition, changing consumer preferences and behaviours, rapidly developing technological changes, the need to aggressively manage costs, and new regulation, collectively, it is denting confidence about the future," Andrew Kail, head of financial services at PwC, said.

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