UK Financial Services Firms Plan Biggest IT Spending Push Since 2021, CBI Survey Shows

A new CBI survey reveals financial services companies intend to raise IT investment to the greatest extent since September 2021, while cutting back on vehicles, plant and machinery.

What the CBI Survey Found

The Confederation of British Industry has posted survey findings showing that financial services firms across the UK plan to increase their spending on IT over the next 12 months compared with the previous 12 — the strongest such intention recorded since September 2021.

For their part, the CBI, which represents around 190,000 businesses across the UK, shared the findings on its official social media account.

The survey also found that capital expenditure on vehicles, plant and machinery will likely be cut back. Spending on land and buildings, meanwhile, is set to remain broadly flat — meaning firms are neither much expanding nor contracting their property footprints.

Why IT Is Winning the Investment Race

The shift is not happening in a vacuum. Since the pandemic, banks, insurers, asset managers and fintechs have poured money into online platforms, cybersecurity, data analytics and compliance systems — often at the direct expense of traditional physical assets.

Remote and hybrid working has reduced the need for large vehicle fleets and certain types of machinery. Cloud computing and digital customer interfaces have reshaped how firms operate day to day. And regulatory pressure — including operational resilience requirements from UK financial regulators — has pushed firms to harden their IT infrastructure whether they wanted to or not.

The September 2021 reference point matters. That period saw a surge in digital investment as the industry emerged from pandemic restrictions and accelerated the shift to digital-first services. The fact that firms now plan to match or exceed that level suggests confidence in IT spending has returned after a period of more cautious outlay.

What It Means for Jobs and Skills

Increased IT investment tends to reshape workforces as much as it reshapes balance sheets. Traditional operational roles tied to physical assets may face pressure, while demand grows for technology, cybersecurity, data and digital operations skills.

That’s not a small consideration. The UK’s financial and insurance sector is a major contributor to national output and employment, according to official figures from the Office for National Statistics — so shifts in how it allocates capital ripple outward quickly.

The Limits of What We Know

It is worth being clear about what the CBI survey does and doesn’t tell us. The tweet confirms the direction of travel — IT up, vehicles and machinery down, property flat — but does not disclose the exact percentage changes or the number of firms surveyed. The claim that this represents the greatest planned IT increase since September 2021 is a relative finding within the CBI’s own time series. The precise numerical measure behind it has not been published in the social media post.

Rain Newton-Smith, CBI chief executive, has previously stated that business investment in technology is central to the UK’s long-term productivity growth — a position consistent with the organisation’s broader advocacy for digital infrastructure and skills development.

A Sector Betting on Screens Over Showrooms

The overall picture is of a sector making a deliberate choice. Physical assets — vehicles, machinery, bricks and mortar — are being held steady or trimmed back. Digital infrastructure is where the money is going. For an industry that serves millions of customers daily through apps, websites and automated systems, that calculation is increasingly straightforward.

But the consequences of that shift are felt unevenly — by workers, by local economies, and by customers who still rely on face-to-face services.

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Key Takeaways

• Financial services firms plan to raise IT investment over the next 12 months to the greatest extent since September 2021, according to a CBI survey
• Capital expenditure on vehicles, plant and machinery will likely be cut back, while spending on land and buildings is set to remain broadly flat
• The shift reflects longer-term trends including post-pandemic digital acceleration, regulatory pressure on IT resilience, and competition from fintech firms

What This Means for Kent Residents

Kent residents who bank, insure or manage their finances online may see improvements in digital platforms, mobile apps and customer service tools as firms channel more money into IT systems. But the flat outlook on land and buildings suggests financial services firms are unlikely to open significant new offices or branches in Kent’s town centres in the near term — a consideration for anyone who relies on in-person services or works in a local financial services hub. For Kent businesses in fleet management, equipment supply or facilities services that count financial firms among their clients, the planned cutbacks in vehicles, plant and machinery capex are worth watching. And for jobseekers and young people in the county, the direction of travel is clear — IT, cybersecurity and digital skills are where financial services employers are investing, and Kent’s colleges, training providers and economic development bodies may want to factor that into their planning sooner rather than later.