Survey reveals financial sector grew in Q2

| July 4, 2011 | 0 Comments

A quarterly survey of the UK’s financial services sector by PricewaterhouseCoopers (PwC) and the Confederation of British Industry (CBI) has revealed business volumes grew in the three months to the end of June, albeit at a slower rate.

Companies were asked how their business volumes fared in the second quarter with almost half saying volumes rose and 28% said they fell.

The resulted in a balance of +17% - which was slower than expected.

Business volumes fell in banking and securities trading, while it remained unchanged in insurance broking.

The rate of growth is expected to slow in the coming quarter, according to the results of the survey.

Meanwhile, the number of people employed in the sector increased by 11,000 in the three-month period – the fastest rate since the onset of the financial crisis in autumn 2007.

Commenting on the findings, CBI chief economic adviser Ian McCafferty, said: “The financial services sector continued to recover over the past three months, but with slower volume growth, following three stronger quarters. What is heartening is the unexpected, strong rise in numbers employed in the sector, the fastest since the financial crisis began in 2007.”

Finally, the loss of the payment protection insurance (PPI) case, which left banks facing billions in compensation payouts, knocked confidence.

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