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Financial News: UK Financial Firms' Sentiment Improves For First Time

UK Financial Firms' Sentiment Improves For First Time In 12 Quarters

01/13/2020 - 00:02:00 (RTTNews)

(RTTNews) - Sentiment among British financial services firms improved for the first time in twelve quarters, survey results from the Confederation of British Industry and PwC showed Monday.

A balance of 8 percent expects business situation to improve compared with three months ago. This was the fastest since June 2015. However, a balance of 19 percent said business volumes decreased in three months to December.

Looking ahead to the quarter to March, a net 14 percents forecast business volumes to return to growth, the strongest expectations since March 2018.

"However, the sector isn't quite out of the woods yet. Against the backdrop of another fall in business and profits, Brexit uncertainty continues to drag on investment plans, and concerns over labour shortages have spiked," Rain Newton-Smith, CBI chief economist, said.

"As the UK begins a new future outside the European Union, the Government must do everything it can to support and stimulate one of the UK's most globally competitive sectors, so that expectations of an upturn can come to pass - both over the next quarter and beyond," Newton-Smith added.

The survey was conducted before the 2019 general election.

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