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09/07/2002
Financial sector report unexpected pick-up
The financial services sector saw an unexpected pick-up in business volumes, according to the latest quarterly survey by the Confederation of British Industry (CBI) and PricewaterhouseCoopers.
The survey showed volumes growing at the fastest rate for two and a half years, suggesting that the sector's recovery is now underway.
A positive balance of 43 per cent of firms reported an increase in volumes over the past three months, compared to the 28 per cent which had been expecting an increase in the last survey.
Although levels of business are considered below normal, with a balance of minus six per cent, they are back to their pre-September levels. Optimism among financial services firms continued to rise, although by less than reported in the previous survey.
Building societies, banks, general insurance firms and finance houses reported the strongest increases in volumes over the past three months.
Employment in financial services has also risen for the first time since June 2001 in spite of expectations for a substantial fall. However, with slower growth in volumes expected over the coming quarter, the rise in employment is not expected to last and a slight decline is expected.
(MB)
The survey showed volumes growing at the fastest rate for two and a half years, suggesting that the sector's recovery is now underway.
A positive balance of 43 per cent of firms reported an increase in volumes over the past three months, compared to the 28 per cent which had been expecting an increase in the last survey.
Although levels of business are considered below normal, with a balance of minus six per cent, they are back to their pre-September levels. Optimism among financial services firms continued to rise, although by less than reported in the previous survey.
Building societies, banks, general insurance firms and finance houses reported the strongest increases in volumes over the past three months.
Employment in financial services has also risen for the first time since June 2001 in spite of expectations for a substantial fall. However, with slower growth in volumes expected over the coming quarter, the rise in employment is not expected to last and a slight decline is expected.
(MB)
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