UK financial services sector shows further growth
April 02, 2012
The UK financial services industry is continuing to see more growth, one survey suggests, with renewed optimism and increased hiring fueling the expansion.
According to the BBC, PricewaterhouseCoopers and the Confederation of British Industry found volumes in the first three months of the year grew for the eighth consecutive quarter, and that optimism in the sector jumped for the first time in a year.
The survey showed unexpected results, including an increase in employment.
"Financial services sales volumes and income continued to rise this quarter, putting the sector's recovery on a firmer footing," said Ian McCafferty, the CBI's chief economic adviser. "Optimism levels and business investment intentions have also improved, in contrast to last quarter as some of the worst risks around the euro area crisis have eased."
A separate poll of UK finance chiefs found that many of the fears of a UK recession or a breakup of the euro region have subsided.
According to Reuters, 19 percent of firms surveyed reported more hiring in the first three months of the year. Another 20 percent say they expect further rises in employment in the second quarter. About 1.035 million people worked in UK financial services at the end of 2011.