Britain’s growth will be weaker in 2018 than all other G7 nations, according to a report..
Research study of more than 100 financial services executives by Lloyds Bank found Brexit is viewed as the biggest danger for the year ahead.
With one year to go before the UK leaves the European Union, cross-border gain access to tops the list of particular concerns.
The majority of monetary companies believe the economy will remain resistant this year.
” As the greatest market in the UK, the monetary services sector is a vital bellwether for the country’s economic prospects,” said Robina Barker Bennett, managing director of Lloyds Bank Commercial Banking.
” Fears about Brexit are looming large as the last countdown starts to March 2019.
” However our survey recommends that the UK economy will prove to be durable and that it will come through the challenges of the next couple of months relatively untouched.
” There is, however, a real threat that our development will be slower this year than in all other advanced countries; which we will fall to the back of the G7 pack.”.
Regardless of Brexit concerns, the majority of companies think that the UK will remain the most prominent European financial services center when the UK leaves the EU.
A lot of firms (54%) say they are not considering moving any of their operations, but a quarter (26%) are thinking about a relocation – a boost from 18% in 2017 and 13% in 2016.
Many of the companies that prepare to transfer (57%) do not mean to move more than 10% of their operations.
There had actually been issues that 10s of countless jobs might be lost in the City of London.
The London Stock market put the figure at 232,000 by 2024, in case of a “no deal” or “difficult” Brexit circumstance.