For yet another year, the wider social and economic context within which the financial and related professional services industry operates is fraught.
After weathering the worst of the Covid-19 pandemic and then the initial economic fall-out of the war in Ukraine, the UK now faces a gloomy macroeconomic outlook, with the latest forecasts from the Bank of England (in its February 2023 Monetary Policy Report) projecting seven consecutive quarters of negative growth in 2023 and 2024, with only a subdued return to growth in the last quarter of 2024.
Against this backdrop, the UK-based financial and related professional services industry continues to support individuals and businesses in their day-to-day activities through familiar services like saving, mortgage provision, and business lending.
This report highlights the strong contribution that the financial and related professional services industry continues to make to the domestic economy. Just as it did during the pandemic-induced economic shock of 2020, the industry – through its role as an enabler of growth in other sectors – will support the economy through these difficult times and hopefully help to mitigate the worst of the impending slowdown.