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Is optimism returning to the UK financial sector?

A survey released today from the CBI and PricewaterhouseCoopers has highlighted the potential for a gradual path to recovery in the UK financial sector. However, this renewed optimism is set against an expectation that a further 13,000 jobs will be lost in the short to medium term in the UK financial sector. While the figure of 13,000 is disappointing, it is well down on the earlier forecast for the UK banking sector although nothing is yet cast in stone.

The CBI confirmed that 17,000 financial related jobs were lost in the first quarter of 2009, a further 15,000 in the second quarter and up to 13,000 will go in the third quarter. While there are hopes of a gradual decline in job losses after the third quarter this depends upon the performance of the UK economy in the latter part of 2009. Even though the signs of recovery in the sector are tentative they are perhaps the strongest indication of a change in direction for some time.

The one possible cloud in the sky is the regulatory review being carried out by the UK government which has the potential to be over restrictive and could see London lose some of its competitive edge over other worldwide financial markets.

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