Newspaper article Manchester Evening News

UK's Finance Sector Is Set for Slowdown

Newspaper article Manchester Evening News

UK's Finance Sector Is Set for Slowdown

Article excerpt

THE UK's financial services sector is bracing for a slowdown as choppy economic conditions apply the brakes to mortgage and business lending, new research has found.

The stock of mortgage lending is expected to ease back to £1,184 billion next year, down from £1,192 billion in 2017, according to influential think tank EY Item Club.

Mortgage demand will be impacted by the inflationary squeeze on household finances, but stocks will pick up to £1,196 billion and £1,226 billion in 2019 and 2020 respectively, the organisation said.

Business lending is also expected to suffer, falling from £425 billion this year to £424 billion in 2018, before returning to growth in 2019 at £427 billion and stepping up again to £435 billion by the end of the decade.

However, Omar Ali, EY's UK financial services managing partner, said the growth swing for both areas would depend on Britain striking a transitional deal during its divorce talks with the European Union. …

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