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The CBI and PWC report published on Monday suggests that the financial sector will not be ready for Brexit by March 2019.
Although recruitment in the industry is picking up and business sentiment has been stabilized, there are still concerns over the legal status of cross-border contracts post 2020, when the transition deal with the EU expires.
The CBI chief economist Rain Newton-Smith told Reuters that business sentiment in financial services remains low for nearly three years.
A periodic survey of Chief Financial Officers published by Deloitte on Monday echoes the CBI report.
Deloitte’s survey is seen as a key indicator of business confidence; it shows that 75% of Chief Financial Officers (CFOs) express pessimism over Brexit. Only 17% of CFOs expect business to improve over the next year and there is less appetite for investment.
Lenders, insurers and other key providers have opened subsidiaries in the EUto address Brexit uncertainty and retain access to the Single Market. [...]
Related survey: Financial services activity stable in second quarter of 2018 – CBI/PwC