Sector reportslow expectation
FINANCIAL services firms expect volumes of business to fall and no growth in profitability in the coming quarter, according to a new survey.
The Confederation of Business and Industry survey found activity in the UK financial services sector increased slightly over the past three months, but the modest growth was less than expected.
Asked how their business volumes fared in the three months to December, 32 per cent said volumes rose, while 28 per cent said they fell. The resulting balance of four per cent was slightly lower than September’s seven per cent, and less than expected.
A balance of 13 per cent of firms expects a reduction in business volumes over the coming quarter.