To make things worse, average costs per transaction increased over the past three months at the fastest rate for nine years, according to the latest quarterly survey of the industry published today by the CBI and PricewaterhouseCoopers.
John Hitchin, UK banking leader at PwC, said: ‘Overall in the quarter to September 2004, financial services firms experienced the downturn they had forecast in June. There is both growing evidence of a housing market slowdown and a fall in the demand for consumer credit caused by interest rate rises.
‘In the coming quarter, building societies, insurers, traders and fund managers have expressed concerns about the levels of demand across all customer segments.’
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements