News
British financial firms’ confidence at 17-year high
Optimism amongst Britain’s banks and other financial firms is at its highest in almost 17 years, according to the latest quarterly CBI/PwC financial services survey.
Some 59% of UK financial services firms said they felt more optimistic about their business situation, versus the 6% who are now less so.
A net 24% of financial firms increased staff during the period, the biggest rise for six years.
In a similar vein, last Thursday research from PwC found a significant 350% year-on-year increase in the value of UK insurance mergers & acquisition deals during the first six months of 2013 to €1.5bn, despite a fall in deals volume.
Another 14% of firms expect to increase staffing again in the current quarter.
About 10,000 jobs were added in the third quarter. Banking business volumes – although not profitability – fell in the latest quarter, however.
“Banks’ optimism is increasingly buoyant despite seeing a slight seasonal blip in commercial and industrial volumes. Activity and profitability are expected to grow as the economy recovers, and investment in new products and infrastructure is increasing,” said Kevin Burrowes, PwC’s UK financial services leader.
