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UK Financial Services Loses Confidence In UK Economy

Posted on November 23, 2016 at 3:50 PM

Even before that #AutumnStatement.


The financial services industry’s confidence in the UK’s economic prospects has fallen to its lowest level since 2012 according to the latest Chartered Institute for Securities & Investment (CISI) survey.


An online survey done by the CISI had some 600 respondents. Of these, 48% were less optimistic about the outlook for the UK than 10 months ago, while 32% felt more optimistic - 20% were unchanged.

Source: CISI, London November 23 2016


The CISI confidence indicator (sum of positives less sum of negatives) was -16% compared to 6% in January 2016.

 

The survey was conducted from 25 August-22 November 2016. There were 58 comments left by respondents. Some 63% of them contained the word 'Brexit.'


Here are some of the comments (my pick)

 


"Brexit will provide some short-term pain but in the long run, considering the rather likely collapse of the EU in the near future, we will be a much stronger economy.”

 

 

“No clarity of detail on Brexit. Little internal political challenge. Little apparent benefit from the massive drop in sterling. We run a consistent trade deficit. External risks of higher protectionism from non-EU nations.”

 

 

“We shouldn’t have left.”

 

 

“The implications on passporting financial services concerns me.”

 

 

“The fear which is gripping currency markets and driving exchange rates lower in the wake of the Brexit vote has not yet priced in the real impact of changes to come. Although the market has tested some lows in the dollar trade, there are still many shocks to come, and the uncertainty which this is breeding is going to have long-term and far-reaching consequences for the UK economy.”

 

 

“The lack of interest from other countries in signing a trade deal with Brexit Britain ought to send a message to Fox, Johnson and Davis. Their lack of touch with reality is alarming.”

 

 

“The Bank of England is behind the curve. The UK doesn’t need QE. There’s no recession. Brexit is political, not economic.”


And on a day when the UK's economic future looks bleak indeed as the OBR says Brexit will cost us £58.7 billion over the next five years, here is a tweet worth noting:





Categories: Business, Scrutiny, Risk