TheCityUK's UK Competitiveness Tracker reviews the movement in a comprehensive range of financial services indicators as well as broader indicators of UK competitiveness that impact on the location of financial services in the UK.
The Tracker continued an upward trend in the first quarter of 2014, mirroring the recovery in the wider economy. The improvement during the three months was registered with twelve indicators rising and only three falling. This was the sixth consecutive quarter of growth, and the strongest quarterly performance since the start of the economic slowdown (equalled only by Q2 2013). Over the long-term (the past 12 months), twelve indicators were up and four were down.
Employment in financial and related professional services saw a continued recovery in Q1 as annual take up of office space in the City and Canary Wharf continued to pick up. Financial services firms in the UK reported a further improvement in business volumes in Q1, albeit at a slower pace than at the end of 2013. Confidence is strong across all sub-sectors as the industry prepares itself for further growth.