In an era where change is the only constant, our UK Economic & Fiscal Outlook 2024 unveils a sector bracing for transformation amidst a fluctuating global economy.
The report offers a comprehensive examination of the UK financial sector’s journey through recent years and its prospects. It critically dissects the sector’s response to a series of external shocks, including the COVID-19 pandemic and geopolitical tensions, emphasizing the government’s strategic interventions, such as the £373 billion economic injection through various initiatives including the Coronavirus Job Retention Scheme (CJRS).
Don’t miss insight into:
- A banking and financial sector that, while contending with challenges such as Brexit aftermath and pandemic recovery, is making strides towards innovation and sustainability.
- The decline in workforce numbers at traditional banking giants such as Barclays and NatWest in contrast with the Phoenix Group’s soaring vacancies, highlighting a sector in flux.
- The government’s injection of £373 billion to mitigate the pandemic’s effects underscoring a concerted effort towards economic stabilization.
- Strategic fiscal measures aiming to boost the economy, such as tax cuts expected to increase work hours equivalent to over 100,000 full-time employees by 2028-29.
The UK Economic and Fiscal Outlook April 2024 serves as a comprehensive guide to understanding the UK banking and financial sector’s current state and its trajectory. It lays bare the complexities of navigating economic recovery, highlighting strategic shifts towards digitalization, sustainability and innovation as hallmarks of a sector poised for future challenges and opportunities.
