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CBI expects faster growth in UK financial services sector

After a period of relative stagnation the CBI has today issued the results of a recent survey which shows confidence is now returning to the UK financial sector. As a consequence, the CBI is forecasting a significant increase in growth in the UK financial services sector despite the fact that red tape has now reached an all-time high.

The expected return to boom times in the UK financial sector does not reflect well against the background of the UK economy with many businesses and many consumers still struggling to meet their everyday bills. MPs, businesses and consumer rights groups have rightly pointed the finger at the UK banking industry which still appears to be holding back on increasing liquidity despite pressure from the government and the regulators. So what can we expect in 2010?

It is a very difficult situation for the UK banking arena having been forced to beef up balance sheets, reduce risk and now under pressure to increase liquidity. If liquidity is increased and the UK economy takes a downturn then many banks will struggle to recover but if liquidity is held back then this will reduce the chances of an economic recovery in UK and everybody will suffer. These are very stark choices which need to be tackled in the short term!

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