The latest Financial Services Survey from the Confederation of British Industry (CBI) has shown that most financial firms now consider their business level is now only ‘slightly below normal’. Taken in context, this is by far the best result that the survey has recorded since the start of the economic crisis in September 2007, which shows a very positive upward trend.
Commenting on the findings, the CBI’s Chief economic adviser Ian McCafferty said, “A third quarter of strong volume growth shows the financial services recovery is building strength. It is particularly good news that firms consider their level of business to be only slightly below normal, for the first time since the financial crisis began in 2007. While business with private individuals has again shown the fastest growth, business with companies also shows some signs of improvement. Firms’ profitability has improved due to higher incomes and another big drop in the value of non-performing loans.”