Icon Solutions featured in City AM
Icon Solutions, a leading Fintech provider of payment and technology solutions, was approached by City AM to give a view on whether we should be worried about yesterday’s services sector PMI data.
Simon Wilson, Director, Global Payment Solutions at Icon, says YES.
The UK services sector represents around 80 per cent of our overall economic output, so a contraction in this area should set alarm bells ringing for economists and business owners.
The City serves as the engine of the wider economy, fueling productivity for the financial services and tech sectors. A decline in output poses immediate risks to job creation, and in the long term could damage our ability to compete on the world stage, by stifling innovation.
Instead of downplaying these gloomy figures, a better approach is to focus on how to reverse this trend, by boosting investor confidence and breaking the Brexit deadlock. As EU leaders ponder the Prime Minister’s latest proposals, it’s vital that businesses prepare to move things forward once the road ahead becomes clear.
For UK businesses, much work still needs to be done. The skills crisis is hindering growth, our banking sector needs to overhaul its ageing payments infrastructure, and Britain can do more to export its expertise overseas. It’s time to heed the economic warning signs and end uncertainty to unleash business productivity.
Read full article here.