Survey by the Confederation of British Industry (CBI)and PwC
- polled 100 firms across the UK financial sector
Major points from the results highlighted via Reuters ::
- A third of banks said they were "not so confident" of implementing Brexit plans by March
- also worried about the status of their cross-border contracts during a transition period to the end of 2020
- "Brexit continues to drive uncertainty amongst sector players, from the smaller operators to the market leaders," Andrew Kail, head of financial services at PwC, said. "Location planning, people movements and client retention remain at the top of the agenda, despite the extra time afforded by the transition period"
- CBI Chief Economist Rain Newton-Smith said three years had passed since any significant improvement in overall sentiment in financial services. "In order for the sector to continue to attract investment and create jobs in the run up to Brexit and beyond, the government must work hard with Brussels to agree a unique agreement that develops the sector after Brexit"
- business volumes were flat in the three months to early June, but these were expected to pick up over the next three months
- Recruitment rose for a second straight quarter
- investment in IT was anticipated to rise at the fastest pace in more than three years, spurred by new services and compliance with new regulation
