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Many new British jobs would be generated by a properly run financial services industry

  • PricewaterhouseCoopers published research according to which growth in the U.K. financial services industry would create more than a quarter of a million jobs in the country by the end of this decade. The accounting firm said in a report that there would be an addition of about 47,000 new positions in the industry and that there is also potential for the rest of the positions to be added in the wider economy. Moreover, there would be increase in Britain’s GDP by two to three percent.

    “The financial services sector has a critical role in the U.K. economy,” said Nick Forrest, direct and financial services economist at PwC, as reported by Bloomberg. “In addition to providing credit, it creates demands in other sectors and helps improve the flow of capital around the economy.”

    Bloomberg reports that in another scenario, GDP could rise only by 0.2 percent and only 12,000 jobs would be created, the report says.

    Tagged as: Bloomberg, Jobs in Britain, 2020, Britain's GDP