Britain’s financial services sector is growing at the fastest rate since before the financial crisis, according to the latest snapshot of the industry from the CBI.
The business lobby group said firms had reported rising profits and the strongest increase in business volumes since 2007 in the three months to September.
Companies in the sector were confident about winning new customers in the three months ahead, but optimism grew at the slowest pace in two years.
Rain Newton-Smith, the CBI’s director for economics, said a steep fall in the value of non-performing loans over the period suggested much of the fallout from the financial crisis was working its way out of the system.
“The UK’s financial services sector is enjoying its strongest run of growth since 2007, with activity rising across all customer categories and profitability bouncing back,” she said.
“With competition one of the top concerns for the coming year, the sector could be moving to a new phase in the recovery where firms are feeling more assured about the level of demand, and are now shifting their gaze to competing for new customers and business. This is reflected in their expectation that sales to new customers will be the main driver of growth in the coming quarter.”
via The Guardian
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