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Financial services profession’s confidence in UK economy is on the up

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A survey from Chartered Institute for Securities & Investment (CISI) has revealed that the financial services profession’s confidence in the UK’s economic prospects has improved over the last 12 months.

Of the 743 respondents, 35% were less optimistic about the UK’s economic prospects, compared to 48% end 2016. Of those who responded, 30% felt more optimistic, with 35% unchanged, as opposed to 32% optimistic and 20% unchanged end 2016.

The CISI confidence indicator (sum of positives less sum of negatives) is -5 compared to -16 at the end of 2016.

CISI CEO Simon Culhane said: “Although we are still sub-zero at -5 in terms of sentiment, the financial services profession is showing a steady and improved growth in confidence in outlook for the UK economy, compared with the end of 2016.

“The result of our survey is in line with the latest forecast for the outlook for manufacturing for the year, with that sector expecting expansion by 2% according to the EEF manufacturers’ organisation.

“The confidence level in our survey peaked in Autumn 2013 at 54%. From my own conversations with UK financial services CEOs I believe it is possible that our profession’s confidence levels in the UK’s economic outlook will become even more positive once we have moved beyond Brexit.”