UK finance sector rise was 'less than expected'
1 Feb 10
A study by PricewaterhouseCoopers and the CBI says activity in the UK’s financial services sector rose less than expected in the last quarter of 2009 and more firms now expect it to fall
The study found 32 per cent of firms questioned saw their business volumes rise in the three months to December.
At the same time, 28 per cent said they had fallen, resulting in a balance of +4 per cent – less than the +16 per cent predicted.
The report said more firms anticipated activity falling in January-March. It said a balance of +13 per cent of firms expected to see a reduction in business volumes in the current quarter – the most negative expectation since December 2008.
While business volumes across the financial services sector rose between October and December, profitability also increased, lifted by cost reductions, said the report.