Brexit biggest threat to the UK financial center - Business survey

The quarterly survey from business lobby CBI and consultants PwC revealed that uncertainty over Britain’s future trading relations with the European Union (EU) after Brexit is the most serious threat to London as the world’s top financial center.

Key Findings via Reuters:

“Optimism in the financial services sector fell for the third consecutive quarter in the three months to December, marking two years of flat or falling sentiment, though transactions remained stable overall.

Firms want as much clarity as possible on what Britain wants in future trade relations, the survey found.

Financial company profits continued to improve in the final three months of last year, with a similar trend expected in the current quarter, the survey found. Headcount is expected to remain stable.

The CBI/PwC said that 54 percent of the 92 firms they surveyed said they want to make it easier to attract staff to Britain’s financial technology or fintech sector.”