Survey: FSCs’ outlook on UK economy improving again
The financial services profession’s confidence in the UK’s economic prospects has improved over the last 12 months, according to the latest Chartered Institute for Securities & Investment (CISI) survey.
The CISI, a 45,000 strong professional body for those working in securities, investment, wealth management and financial planning undertook the survey from 4 November 2017 – 18 February 2018.
Of the 743 respondents, 35% were less optimistic about the UK’s economic prospects (compared to 48% end 2016). Of those who responded, 30% felt more optimistic, with 35% unchanged (as opposed to 32% optimistic and 20% unchanged for 2016).
The CISI confidence indicator (sum of positives less sum of negatives) is -5 compared to -16 at the end of 2016.
Respondents were asked to compare how they felt about the UK’s economic prospects now compared with six months ago. The CISI has conducted the poll on average every six-12 months since spring 2012.
Simon Culhane, Chartered FCSI, CISI CEO said: “Although we are still sub-zero at -5 in terms of sentiment, the financial services profession is showing a steady and improved growth in confidence in outlook for the UK economy, compared with the end of 2016.
“The result of our survey is in line with the latest forecast for the outlook for manufacturing for the year, with that sector expecting expansion by 2% according to the EEF manufacturers’ organisation.
“The confidence level in our survey peaked in autumn 2013 at 54%. From my own conversations with UK financial services CEOs I believe it is possible that our profession’s confidence levels in the UK’s economic outlook will become even more positive once we have moved beyond Brexit.”