CBI pessimistic on prospects for the financial services industry

In the three months to June, 55pc of respondents in the Financial Services Survey said business volumes had grown, while just 4pc said they had decreased. However, a balance of just +3pc of respondents said they said expect volumes to grow over the next three months – the weakest outlook since September 2004. Ian McCafferty, CBI chief economic adviser, said that the strong performance in the UK financial services sector has given a considerable boost to the rest of the economy. However, he added: “There are signs that activity in the sector may be starting to come off the boil. The outl...