Recovery of the financial services sector could produce 218,000 jobs in the UK by 2020, according to a report by PwC.
An additional 22,000 jobs could accumulate in the insurance sector, while the finance sector could be boosted by 47,500 jobs.
Nick Forrest, director and financial services economist at PwC, commented: ‘The financial services sector has a critical role in the UK economy. In addition to providing credit, it creates demand in other sectors and helps improve the flow capital around the economy. A well-functioning financial services sector improves both capital efficiency and overall UK productivity.’
He continued: ‘Business confidence depends upon trust in a well-functioning financial services sector. The greater confidence that businesses have that their future profitability will increase, the more likely it is that they will invest, leading to an increases in the different components of GDP such as consumption and exports.’
Graduate jobs would proliferate across the UK economy, according to PwC’s estimates.
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