Both reports suggest the City is resilient and will cope well with the transition
Surveys published by accounting giant EY and law firm Herbert Smith Freehills paint a positive picture for the future of the City after the UK leaves the EU.
They published the reports just before Prime Minister Theresa May triggers Article 50 tomorrow, kickstarting the formal two-year process of leaving the European Union.
In contrast the the bleak and doom-filled claims ahead of the June referendum, the tide appears to have turned with renewed optimism for the UK’s financial sector post-Brexit.
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Economic forecasting group EY Item Club predicts personal and business lending growth will pick up in 2019, despite slowing this year and next.
And lending to businesses is estimated to climb six per cent from last year to £430n in 2020.
In contrast the the bleak and doom-filled claims ahead of the June referendum
Total assets in the banking sector will rise £7.3billion, up 4.2 per cent from 2016.
The wealth and asset management sector is predicted to grow amid the cooling economy, with assets under management estimated to rise 12pc to top £1.2trillion in 2020.
This is a key time for the UK’s financial services industry
And the positivity is spreading, with confident consumers borrowing an extra £7billion this year – and £16billion more by 2020.
Omar Ali, EY’s UK financial service manager, said: “This is a key time for the UK’s financial services industry, just days from the triggering of Article 50.
“Brexit and wider geopolitics have injected a level of uncertainty and volatility we have not seen for some years, but the fundamentals of the UK financial industry remain strong.”
Lending to businesses is estimated to climb six per cent from last year
The report from Herbert Smith Freehills echoed EY, and forecast a strong future for the UK’s financial heart.
Based on interviews with finance executives in 70 listed corporations, taking place between February and March, they found the majority did not foresee a change to their operations due to Brexit.
Confident consumers will borrow an extra £7billion this year
Some nine out of 10 stated they did not envision overhauling their spending plans, and the same number reported the banks they use to raise capital have not suggested treasury products will change as a result of Brexit.
And the latest reports follow ones from the CBI and PwC claiming financial services are confident for the economic outlook the for the UK, the first time since 2015