british banks’ optimism slumps on brexit uncertainty
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

British banks’ optimism slumps on Brexit uncertainty

Arab Today, arab today

Arab Today, arab today British banks’ optimism slumps on Brexit uncertainty

British households spent more money on food and other essentials
London - Arab Today

Optimism about the business environment among Britain’s financial services firms declined in the second quarter of this year, according to a survey published on Tuesday.
The latest quarterly survey of 94 financial services firms by business lobby CBI and consultancy PwC found sentiment about Britain’s overall business climate deteriorating, with banks and life insurers especially pessimistic.
The report adds to a string of lackluster data showing the British economy weakening.
Optimism in the financial services sector — Britain’s biggest source of tax revenue — has now declined in five out of the last six quarters.
“While business activity is holding up strongly, optimism took another dive, which likely reflected a mix of Brexit uncertainty and concerns that financial market conditions could tighten,” said Rain Newton-Smith, CBI chief economist.
Britain will have to negotiate new trading terms with the EU and it is unlikely banks will retain access to sell their services and serve clients across the economic bloc.
The largest global banks in London plan to move thousands of jobs to the continent in the next two years.
Firms expect to cut back on most forms of capital spending, the survey showed.
Rising prices
British households spent more money on food and other essentials last month but held back on less urgent purchases as they faced rising prices, two sets of industry figures showed on Tuesday.
The data is likely to add to concerns that consumer demand has slowed further after a weak first quarter, as the effect of the fall in the pound after last year’s vote to leave the EU increasingly makes itself felt.
Payments company Barclaycard said year-on-year consumer spending growth slowed to a 15-month low of 2.5 percent in June from 2.8 percent in May, as spending on household goods and entertainment slowed.
The British Retail Consortium (BRC) said its measure of retail spending growth rose to 2 percent last month from 0.2 percent in May, above its average of 1.4 percent in the past six months.
But BRC Chief Executive Helen Dickinson said the pick-up reflected a temporary boost from warmer weather lifting clothing sales, as well as the higher cost of food.
“Rising food prices are responsible for the main component of growth and have prompted more cautious spending towards discretionary non-food items,” she said.
On a like-for-like basis, which strips out changes in store size, the BRC said sales increased by 1.4 percent year-on-year after a 0.4 percent drop in May.
Bank of England (BoE) Gov. Mark Carney has said that the extent to which consumer spending slows — and whether stronger exports and investment can compensate for this — will be important in determining if the BoE starts to raise rates.
Three policymakers voted last month for a rate rise, and both Carney and his chief economist Andy Haldane have said they could vote for a rate rise later this year.
But weakening business surveys over the past week have made many economists doubt the BoE will press ahead with its first rate rise in a decade at a time when the shape of Britain’s Brexit deal is highly uncertain.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

british banks’ optimism slumps on brexit uncertainty british banks’ optimism slumps on brexit uncertainty

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

british banks’ optimism slumps on brexit uncertainty british banks’ optimism slumps on brexit uncertainty

 



GMT 09:16 2017 Wednesday ,13 December

Cape wearing tips

GMT 20:49 2017 Monday ,21 August

South Asia floods claim more than 750 lives

GMT 19:06 2016 Saturday ,10 December

IOF Close Al-Nabi Saleh Village's Entrance

GMT 18:01 2017 Wednesday ,22 February

Abu Sayyaf ‘likely’ behind Vietnam freighter attack

GMT 06:41 2017 Sunday ,03 December

Hamas threatens 'intifada' over US moves on Jerusalem

GMT 16:17 2017 Saturday ,21 January

BMW 7 series crosses 5,000 unit mark in 2016

GMT 12:17 2016 Wednesday ,24 February

United Technologies nixes Honeywell merger

GMT 23:37 2017 Monday ,31 July

Saudi Arabia sanctions Hezbollah member

GMT 05:45 2018 Saturday ,29 September

Abdullah bin Zayed hosts official reception in New York

GMT 04:12 2018 Friday ,12 January

Saudi-led coalition says Yemen rebels threat

GMT 11:18 2014 Monday ,22 December

Richard Ward adds to The Chelsea Collection

GMT 21:20 2017 Monday ,06 February

UN resumes food air drops in Deir Ezzor

GMT 22:24 2017 Friday ,15 December

HRH Premier thanked by Cambodian counterpart

GMT 02:11 2017 Monday ,23 October

Oct24/Nov22

GMT 21:31 2017 Monday ,11 December

HM King congratulates Burkinabe President

GMT 20:22 2017 Monday ,23 October

EU deplores attack against police
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday