You are here: Home - News -

CBI reports confidence boost in industry

  • 15/07/2003
  • 0
The Confederation of British Industry (CBI) believes confidence among financial services companies i...

The Confederation of British Industry (CBI) believes confidence among financial services companies is at its highest level since last summer, with volumes of business also on the up.

The news came as part of the quarterly financial services survey, conducted by the CBI and consultancy PricewaterhouseCoopers (PWC).

John Hitchins, UK banking leader at PWC, said: ‘Industry fears of a housing market collapse and a wider downturn expressed in the last survey have not materialised. However, the continued pressure on jobs and worries about the level of demand indicate that growth in confidence is still fragile.’

The CBI will be watching the Monetary Policy Committee closely, and Ian MacCafferty, chief economist at the CBI, said: ‘It is too early to celebrate, but with business still below normal and companies concerned about the year ahead an interest rate cut would help secure these early indications of recovery.’

The survey also pointed to difficult times for lenders and highlighted falling business volumes, but increased staffing levels at building societies.

John Goodfellow, chief executive of Skipton Building Society and chairman of the Building Societies Association, said: ‘I would be amazed if they were saying that banks were improving in terms of volumes and building societies are not, it does not add up. It looks stupid that here are societies hiring people but doing less business. I would treat everything in this survey with a degree of cautious scepticism.’


There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.

Read previous post:
Opus responds to industry critics with telegraphic transfer payments

Glasgow-based packager, Opus Mortgages, has become the first in the UK to offer mortgage interm...