Financial services sector to benefit contractor job growth
According to the recent PricewaterhouseCooper (PwC) research, a well-functioning financial services industry could create additional jobs within the sector, as well as the wider UK economy, by 2020.
The PwC report found that as many as 47,500 new jobs could be created within the financial sector, and over 218,000 new opportunities in the UK.
In 2010, the financial services bought £90 billion worth of goods and services from other industries and sectors
Nick Forrest, director and financial services economist at PwC, explained further, “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 of capital around the economy. A well-functioning financial services sector improves both capital efficiency and overall UK productivity.”
He added, “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 increase in the different components of GDP; such as consumption and exports.”
Jonathan Howe, UK insurance leader at PwC, said, “Our analysis shows the important contribution the UK insurance sector makes to not only the financial service sector, but to the whole of the UK economy. A thriving insurance sector is essential to both the UK economy and to individuals, yet it is important that this is supported with a sustainable and stable regulatory regime.”
For more information on working in the financial sector, read our Banking and Financial Services Guide here.
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