UK’s competitiveness in the financial sector ‘a concern’
Quarterly report from the CBI and PwC highlights continued concerns over the UK’s financial sector, as short-term recovery remains slow.
The CBI and PricewaterhouseCoopers have published their latest quarterly report on the state of the UK’s financial sector. The report, based on a survey of 83 respondents from across the sector, concluded that “any recovery is likely to be hesitant,” and that, “it will take time for the positive effects of this growth to make themselves felt in financial services.”
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The Bottom Line:If Mr Cable has his way...
"If Mr Cable had his way, all the big banks would be broken up and bonuses would be virtually eliminated - a sure-fire way in my view of guaranteeing an end to the UK’s ability to compete as an international financial centre. Let’s not forget that this is a man who is on record as saying that everyone who works in a bank has an ‘aristocratic lifestyle’ clearly demonstrating his lack of understanding of the sector." A tough line on bankers’ bonuses could make a brain drain of financial talent a distinct possibility, warns Paul Marsden. Read more