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CBI, PwC Warn Demand Is Falling For UK Financial Services

Law360, London (January 14, 2019, 6:06 PM GMT) -- Demand for Britain's financial services has fallen for the first time in five years, the Confederation of British Industry and PricewaterhouseCoopers said Monday, blaming regulatory demands and uncertainty surrounding the U.K.'s impending exit from the European Union.

Total business volumes in the sector fell slightly in the three months to December, marking the first contraction of demand since September 2013, according to a survey by the CBI and PwC.

"A combination of macroeconomic and Brexit uncertainty, regulatory compliance and global market volatility are taking a toll on the UK’s financial services sector," Rain Newton-Smith, the CBI's chief economist, said in a statement....

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