A new survey from PricewaterhouseCoopers (PwC) and employers’ group the CBI has shown signs of recovery in the UK financial services sector.
In the first quarter of 2012, business volumes in financial services grew and there was improved optimism, with more staff being recruited.
This is the eighth consecutive quarter of growth in financial services but only the first time in a year that optimism in the sector has improved.
The outlook for economic growth or recession in the first quarter remains mixed.
Whilst the Organisation for Economic Co-operation and Development (OECD) believes the UK economy shrank in the first quarter, other groups suggest modest growth took place.
The financial services sector remains very important to the UK economy, with finance and banking making the largest contribution to GDP each year.
For investors, a robust and growing financial services sector is especially important, with banks alone making up 11% of the FTSE 100 index by market value at last count.
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