Nearly 50% of survey respondents said that business volumes increased and 23% said they fell, financial services survey showed. The resulting balance of positive 27% was in line with firms' expectation and just below last quarter's balance of plus 28%. A slower rate of growth in volumes is expected in the next three months with balance at plus 15%.
Business volumes grew for all sub-sectors of financial services in the past quarter, apart from banking where volumes were flat. Life insurers reported a year of growth in 2010 for volumes of business and profitability.
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UK Financial Services Activity Expands Strongly: CBI/PwC
(RTTNews) - The British financial services sector expanded strongly during three months to December for the second straight quarter, a survey conducted by the Confederation of British Industry and PricewaterhouseCoopers showed Monday.
Nearly 50% of survey respondents said that business volumes increased and 23% said they fell, financial services survey showed. The resulting balance of positive 27% was in line with firms' expectation and just below last quarter's balance of plus 28%. A slower rate of growth in volumes is expected in the next three months with balance at plus 15%.
Business volumes grew for all sub-sectors of financial services in the past quarter, apart from banking where volumes were flat. Life insurers reported a year of growth in 2010 for volumes of business and profitability.
However, profitability did not increase as fast as expected in the overall financial service sector, growing at the slowest pace for 18 months, and numbers employed in the sector fell at the fastest pace for 17 years, the survey found. This quarter's employment balance was minus 48%, worse than the expected negative balance of 20%.
"Numbers employed have fallen significantly and investment plans have weakened since September," John Cridland, CBI Director-General Designate said. "This probably reflects renewed cost control given little growth in incomes and slower growth in profitability."
Further, firms are planning to invest less over the coming 12 months on land and buildings, vehicles, plant and machinery and IT.
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