Successful quarter for financial services sector

News Article - 08 January 2007
Category:

The business volumes of financial service firms have grown over the last quarter, according to the results of a recent survey.

A study conducted by the Confederation of British Industry (CBI) and PricewaterhouseCoopers (PwC) showed that in addition to growth in volumes, employment rates had also unexpectedly shot up.

Results highlighted a record rate of employment growth by a balance of 55 per cent - up from eight per cent in September.

Profitability was little changed but is expected to rise over the next three months by 15 per cent.

Doug Godden, the CBI's head of economic analysis, said: "Although confidence is little changed, the commitment to hiring more staff and the expected increases in volumes and profitability all bode well for the first quarter of 2007."

He added that the findings marked a "return to form" within the financial sector, with businesses being more optimistic regarding their investment plans

In Scotland, the situation is similar, however more accountants are needed to fill skill shortages, Lindsay Gardiner, chairman of PwC's financial services in the nation, told the Herald.

Article keywords:

---

More industry news

• Think tank warns UK may have already slipped back into recession
• Growing demand for HR staff in technology and international sectors
• Boosting business growth a ‘priority’ to avoid Eurozone slowdown
• HMRC launches alternative disputes pilot scheme this week
• December employment statistics disregard gloomy recruitment predictions
• Eurozone manufacturing PMI shows modest improvement
• UK scores highly for economic governance by ratings agency
• Government launches two-year project focusing on manufacturing sector
• Burden of regulation on UK businesses ‘too high’

Back to news home page »