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06/10/2003
Financial services sector continues recovery: CBI survey
The business confidence of financial services companies has improved more than at any time in the last four years as business grew at its fastest rate since last summer, according to the latest quarterly survey of the sector published today by the CBI and PricewaterhouseCoopers (PwC).
The survey is the second in a row suggesting that a broad-based recovery has now taken over from the sharp downturn of the winter and spring.
According to the report, 43% said that they were more optimistic about the business situation in their sector than three months ago while 7% were less. The balance of plus 37 compares with plus 8 in the previous survey and is the best since June 1999.
Growth in business volumes was better than expected – only modest growth had been expected but the balance of plus 37% indicates the fastest rate of growth since June 2002. Expectations for the next three months are the strongest since December 1999.
For the first time in two-and-a-half years more respondents said business was above normal than below. A balance of plus 10 in this survey compares with minus 10 in June.
The survey suggests the job shedding of the last six months may be coming to an end, the CBI said. Over the last three months job cutting continued but it was less severe than the previous quarter.
John Hitchins, UK banking leader at PricewaterhouseCoopers, said: "This latest survey shows an encouraging rise in both confidence and business volumes, and all the sectors most closely exposed to the stock market have reported a growth in business with private individuals. The return of private investors to the market is an important signal of recovery."
(gmcg)
The survey is the second in a row suggesting that a broad-based recovery has now taken over from the sharp downturn of the winter and spring.
According to the report, 43% said that they were more optimistic about the business situation in their sector than three months ago while 7% were less. The balance of plus 37 compares with plus 8 in the previous survey and is the best since June 1999.
Growth in business volumes was better than expected – only modest growth had been expected but the balance of plus 37% indicates the fastest rate of growth since June 2002. Expectations for the next three months are the strongest since December 1999.
For the first time in two-and-a-half years more respondents said business was above normal than below. A balance of plus 10 in this survey compares with minus 10 in June.
The survey suggests the job shedding of the last six months may be coming to an end, the CBI said. Over the last three months job cutting continued but it was less severe than the previous quarter.
John Hitchins, UK banking leader at PricewaterhouseCoopers, said: "This latest survey shows an encouraging rise in both confidence and business volumes, and all the sectors most closely exposed to the stock market have reported a growth in business with private individuals. The return of private investors to the market is an important signal of recovery."
(gmcg)
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