Huw Jones

LONDON, (Reuters) – Britain’s financial sector grew at its fastest rate since mid-2018, despite the negative impact of COVID-19. This was according to a survey of 105 companies in the sector.

After the City of London had been largely disconnected from the European Union, it has now been a year since the Brexit transition ended. The health of British financial services continues to be closely monitored.

Rain Newton-Smith, Chief Economist at CBI, stated in a statement that “While volume and profitability growth in the financial sector are still buoyant,” but that the slowing of optimism was something to monitor due to the increased COVID-19 uncertainty clouding near-term economic prospects.

Survey of 105 financial companies by CBI employers and PwC consultants was finished just as new restrictions in Britain were put into place to combat spiralling Omicron coronavirus infections.

According to the survey, businesses expect that activity will remain strong and robust in the first three months 2022.

The company said profits growth will be somewhat slower in the future, as numbers used are expected to increase steadily. It also stated that the highest priority for the workforce is retaining and developing talent.

Britain, just past the end of the first quarter has stated that big companies will have to disclose financial information relating to climate change starting April 2022 under a set of guidelines.

Survey results showed 40% were somewhat prepared for April. Only 14% were ready while the rest were either very or fairly prepared.