Banks Hit by a Slow UK Economy

The UK economy, according to a lot of reports had been stalling and despite the efforts of the Cameron-Clegg government, the picture does not look as rosy as it had been predicted. A number of London accountants and financial experts have pointed towards the staggering economic slowdown to the parallel sluggishness in the business of banks in the country too.


A recent survey by the Confederation of British Industry has opined that a lot of banks have been hit badly by the recuperating economy and its slow recovery from the Recession – a sign that will not make too many people happy, especially the bank employees who had been issued a job cut notice in the last week of May.

However, all is not lost according to the CBI, which says that due to the fact that the austerity measures as well as the monetary boosts for economic recovery being fed into the economy is slowly coming into play, the pattern will soon look upwards again.

The financial sector has also opened up despite the number of job cuts announced by the banks last month (over 15,000) – with more and more people finding jobs in the allied arms of the finance sector of the economy. This includes tax accountants and chartered accountants in London, all of whom have gained more authority and liability with the responsibility of averting another Recession resting solely on their shoulders!

Do you think you are confident of investing in the banks yet? Or would you rather wait? Let us know through your comments below!