Finance sector IT spending prioritised
It’s good news for IT contractors in the financial services sector as the CBI confirms that companies are planning to prioritise spending on IT projects even if that means ‘scaling back spending on buildings, land, vehicles and machinery’. In its latest reading of the London-dominated sector, the CBI and PwC found that organisations in Britain’s financial services sector will cut all types of capital spending over the next three months except IT, because IT helps to increase efficiency in other areas. Building societies were highlighted as the biggest IT spender, with more cash than a year ago allocated for both systems and applications, typically as part of a strategy to retain clients. Some of the big financial houses also stated that they plan to invest more in IT in the year ahead, relative to the past 12 months.