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UK financial institutions don’t have high hopes for 2023 economic growth, but see bright spots in hiring and tech efficiency gains

ByINVESTOR

Oct 10, 2022

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The news: UK financial institutions don’t expect robust economic growth in 2023, but their outlook isn’t completely grim, according to the Financial Institutions Sentiment Survey conducted by Lloyds Bank.

The data was gathered through a survey of key decision-makers at 109 UK financial institutions between June and July 2022.

The economy: Most UK FIs agree that the economic outlook over the next 12 months is bleak.

Many UK citizens are barely making ends meet, struggling with covering their grocery and utilities bills. And despite tighter central bank monetary policy, inflation continues to rage in the country.

Technology: 75% of UK financial institutions feel their operating expenses will increase over the next year. But many FIs believe they can partly combat their increasing operating costs through technology investment.

Our UK Bank Technology Spending report estimates that bank tech spending will reach £10.68 billion ($12.56 billion) in 2022 and continue to grow steadily to £13.89 billion ($16.33 billion) by 2026.

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