Financial services companies' confidence improved more than at any time in the last four years as business grew at its fastest rate since last summer, according to the latest quarterly survey of the sector published today (6 October) by the CBI and PricewaterhouseCoopers.
This is the second healthy survey in a row suggesting that a broad-based recovery has now taken over from the sharp downturn of the winter and spring.
Forty-four per cent said they were more optimistic about the business situation in their sector than three months ago while seven per cent were less optimistic. The balance of plus 37 compares with plus 8 in the previous survey and is the best since June 1999.
Growth in business volumes was better than expected. Only modest growth had been expected but the balance of plus 37 per cent indicates the fastest rate of growth since June 2002. Expectations for the next three months are the strongest since December 1999.
