The European Banking Authority (EBA) said last week that banks could not rely on a transitional agreement after the UK leaves the EU next March, and warned that “financial stability should not be put at risk because financial institutions are trying to avoid costs”. A quarterly survey from the Confederation of British Industry (CBI) and PwC has revealed that growth in the UK's financial services industry weakened amid continued uncertainty around Brexit and slow wage increases. The CBI said its latest monthly survey, which covers more than 1,000 companies, showed a decline in overall business confidence to an 18-month low. Andrew Kail, head of financial services at PwC, said: "firms are expecting further progress to be made at the negotiation tables of Brussels and Westminster".
A quarterly survey from the Confederation of British Industry (CBI) and PwC has revealed that growth in the UK's financial services industry weakened amid continued uncertainty around Brexit and slow wage increases. The CBI said its latest monthly survey, which covers more than 1,000 companies, showed a decline in overall business confidence to an 18-month low. Andrew Kail, head of financial services at PwC, said: "firms are expecting further progress to be made at the negotiation tables of Brussels and Westminster".