Optimism about the business outlook among Britain’s financial services firms has fallen at its fastest rate since the 2008 financial crisis amid concerns about Britain’s exit from the European Union, a survey showed on Monday.
Business volumes among the 84 top financial firms polled have also fallen at their fastest rate since September 2012, the survey by the Confederation of British Industry and accounting firm PwC showed.
The mounting gloom from banks, insurers, fund managers and other financial firms comes as Prime Minister Theresa May battles to get her twice-rejected withdrawal agreement with the EU through a bitterly divided parliament.
The investment management industry saw the sharpest fall in growth, the CBI/PwC survey said, as investors hold on to their cash in turbulent markets, while insurance brokers were the lone bright spot.
“The alarm bells ringing at the state of optimism in the financial services sector have now reached a deafening level,” Rain Newton-Smith, CBI chief economist said.
Employment across financial services fell at the quickest pace in four years, the poll showed, driven mainly by job cuts in the banking sector as lenders slash branch networks and shift jobs overseas to trim costs.
Reporting by Lawrence White; Editing by Alison Williams
LISTEN: Here’s the creepy broadcast at Trump’s rally telling supporters the right way to deal with protesters
On Tuesday, President Donald Trump officially kicked off his 2020 re-election campaign in Orlando, Florida.
Those who entered the venue were treated to a pleasant female voice booming out instructions to protestors — and a creepy warning.
"While we all have the rights to free speech, this is a private event paid for and hosted by Donald J. Trump for President, Inc., and you came to hear the president," said the voice. "To accommodate the right to free speech and peaceful assembly, while ensuring an orderly rally, we have provided a secure area outside the venue for all protesters, and we ask anyone wishing to demonstrate to please exit to that secure area."
Trump had two goals in ramping up pressure on Iran — and he’s failing at both: CNN
That being said, the president clearly believes he can bully Iran into unconditional submission to whatever the United States demands. And Iran is having none of it, escalating its own acts of maritime aggression and proclaiming they have missile technology capable of striking U.S. aircraft carriers.
Ukrainian-Russian developer with Trump Tower Moscow ties suing after getting bilked for $200,000 at inauguration
It is illegal for foreigners to donate to presidential inaugurations, but a new lawsuit sheds light on how wealthy foreigners attempted to buy access to the Trump administration.
"A Ukrainian-Russian developer who wanted access to President Trump’s inauguration filed a lawsuit on Tuesday saying he was bilked out of the $200,000 he paid for what he thought would be V.I.P. tickets to the event," The New York Times reported Tuesday.
"The developer, Pavel Fuks, who once discussed a Moscow real estate project with Mr. Trump, said in the lawsuit, filed in the United States District Court for the Central District of California, that he had paid the money to a firm at the direction of Yuri Vanetik, a prominent Republican fund-raiser and sometime lobbyist," the newspaper explained. "But, the lawsuit said, Mr. Vanetik failed to come through with the promised tickets, and Mr. Fuks ended up watching the inauguration from a Washington hotel bar."