CBI survey

Financial services growing at fast pace, says CBI

Glasgow IFSD
Financial services are in growth mode (pic: Terry Murden / DB Media Services)

Financial services business volumes grew at a fast pace in the first quarter of 2024 after falling in the fourth quarter of 2023, providing further evidence that the UK economy has returned to growth.

Firms expect volumes to increase at an even quicker rate over the next three months, according to the latest CBI Financial Services Survey.

The quarterly survey, conducted between 1 and 19 March, also showed that optimism among financial institutions increased quickly over the quarter.

Headcount in the sector grew at a fast pace for a fourth consecutive quarter, and firms anticipate that headcount growth will accelerate further in the next three months.   

The findings follow data from other sectors including manufacturing and construction which show growth gathering momentum and an end to the short-lived recession.

Louise Hellem, CBI chief economist said:    “It’s encouraging to see that the financial services sector had a strong start to the year after a weak final quarter in 2023.

“Firms expect this positive momentum in activity and hiring to continue going forward, although investment intentions are more mixed.  


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