The remain campaigning CBI has revealed 70% of financial services firms are increasing spending in the coming years, with the same number saying that they are ‘confident’ they will have plans in place by the end of March 2019. Pre-tax profits in the financial services sector have also risen by 118% to reach £28 billion, a growth of more than £15 billion, credited largely to a strong performance by HSBC. CBI chief economist Rain Newton-Smith said:

“It’s good to see financial firms stepping up hiring and investment, with digital technologies and new services seen as the best way to grow in a fiercely competitive environment.”

Contrary to the CBI’s own previous predictions, banks have ignored Project Fear, and instead focused on increased spending, employment and investment. In 2016, Newton-Smith said in a CBI report:

“The challenges facing the sector have not gone away – they’ve actually grown. Add the uncertainty caused by Brexit to low interest rates, technological change and strong competition, and it’s plain to see why optimism is falling and pressure on margins remains intense.”

More CBI nonsense debunked…