Pace of growth in financial services sector activity slows

The pace of growth in the UK financial services sector continued to slow in the three months to September, according to the latest CBI/PwC Financial Services Survey published. In the next three months, firms expect growth will be slower still and, for the first time in two years, there will be no improvement in profitability. Meanwhile, sentiment has fallen for the first time since March 2009, as firms anticipate more challenging conditions. Of the 84 financial services firms surveyed, 33% saw business volumes rise in the quarter to September, and 24% reported a fall. The resulting rounded balance of +10% is the lowest since June 2010 (a balance of +9%) and represents a slower rate of growth than the June quarter (+17%)... read more

CBI
Oct 11