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PwC: UK banking leader comments on US Fiscal cliff
January 3, 2013
By Rob Starr, Content Manager, Big4.com
“UK banks will breathe a sigh of relief today as the threat of the biggest economy slipping back into a recession diminishes. UK banks have a large presence in the US, with around $600 billion worth of assets on their books and make a significant contribution to the economy,” Kevin Burrowes, PwC’s UK financial services leader says. He was responding to developments around the US fiscal cliff.
“The decisions around tax reform and the collection of potential upcoming spending cuts should give UK banks confidence to invest and lend further in our second most important market,” he said.