Financial services sector set to grow

The UK financial services sector is to see faster growth over the next three months, after a slow last quarter.

A survey by the Confederation of British Industry (CBI) found confidence in the sector was continuing to improve. Almost half of respondents (43%) said volumes had risen, while 42% said they had fallen. According to the CBI, this 1% positive balance was better than expected.

Over the next quarter, 48% of respondents expect an increase in business volumes – the best result since March 2006, which saw a balance of 58%, the BBC has reported.

The CBI said: “Activity in the financial services sector held steady in the last three months, and there are signs of better things to come.”

But the same survey found 74% of respondents were worried about how regulation would hit their growth prospects.

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