Offshore banking business damaged by recession?

Offshore banking business may have been profoundly affected by the economic crisis, as one expert claims: "There will be permanent losses from the recession."

David Kern, economic advisor at the British Chambers of Commerce, notes it may take up to five years for the UK to return to steady growth, warning: "Some of the output we lost will not be recovered."

This may be reflected in offshore banking business, as British and global clients could find their private wealth is reduced as a result of the widespread economic slowdown.

On Tuesday (November 9th), the National Institute of Economic and Social Research revealed last month's economic activity was on a par with that seen at the end of 2008.

However, this remains 3.6 per cent lower than the pre-recession highs of March 2008, indicating offshore banking business may have suffered a similar decline.

Output rose by 0.5 per cent in the three months ending October, down from the 0.8 per cent recorded between July and September. ADNFCR-2318-ID-800229971-ADNFCR