UK financial services achieve third quarter growth – survey

A general view of London’s financial district November 9, 2006. REUTERS/Kieran Doherty

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LONDON, Jan 13 (Reuters) – Britain’s financial services grew for the third consecutive quarter in the last three months of 2021 and at their fastest pace since mid-2017, even as COVID-19 dampened the optimism, according to a survey of 105 companies in the sector showed.

A year after the end of the Brexit transition period, the health of UK financial services is under close scrutiny after the City of London was largely cut off from the European Union.

“While volumes and profitability growth in the financial services sector remain buoyant, fading optimism is something to watch closely, as heightened COVID-19 uncertainty clouds the outlook. near-term economic outlook,” CBI chief economist Rain Newton-Smith said in a statement. .

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The survey of 105 financial firms by employers group CBI and consultants PwC was completed just before new restrictions were introduced in Britain last month to tackle spiraling cases of the Omicron variant of coronavirus .

In the first three months of 2022, businesses expect activity to remain robust and at a steady pace, according to the survey.

Profitability growth is expected to moderate somewhat in the coming months, with the number of employees expected to grow solidly and retain talent as the workforce’s top priority, he said.

Beyond the first quarter, Britain has said big companies must disclose climate-related financial data from April 2022 using a globally agreed set of guidelines.

The survey showed that 40% of businesses were “somewhat prepared” for April, with 14% saying they were not ready and the remaining businesses saying they were somewhat or very prepared.

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Reporting by Huw Jones; Editing by Alexander Smith

Our standards: The Thomson Reuters Trust Principles.

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