The UK's financial services sector has continued to grow thanks to overseas demand, according to the Confederation of British Industry's (CBI) latest financial services survey.
Published by the CBI and professional services firm Pricewaterhouse Coopers, the survey found that in the three months to March 39 per cent of respondents said business volumes had grown compared to the four per cent who reported a decrease.
The net balance of 34 per cent was far better than the predicted 22 per cent balance leading to firms' expectations of similar growth of 33 per cent in the coming quarter.
However the survey found that volume growth was largely boosted by a "marked increase in demand from overseas customers" with 21 per cent of those questioned reporting a rise in foreign demand, the highest since June 1998.
Yet chief economic adviser for the CBI Ian McCafferty warned that "tougher international competition" could plague the UK's financial services sector in the future.
"A need to meet this challenge may explain why the sector is directing more of its investment plans towards providing new services and reaching new customers," he added.
However, despite "recent turbulence in world financial markets", Mr McCafferty remained confident for the future of the sector.
"On balance the sector does not appear to have been unduly troubled by the market wobbles. The outlook for the next quarter is quite robust with further strong growth predicted," he said.
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