PwC: Financial services can create growth
UK accountancy firm PricewaterhouseCoopers (PwC) has released a report suggesting that a well-regulated and sensibly ran financial services sector in the UK could generate major economic and employment growth for the country over the next seven years.
While this might sound a little like turkeys voting for a vegetarian Christmas, there's no getting around the fact that the company's figures are convincing.
PwC suggested sustainable growth in the financial services industry could create some 218,000 jobs for the UK's wider economy, including 22,000 in the insurance sector, while 47,500 roles would be generated in the industry itself.
Economists based their analysis on two scenarios designed to represent potential futures for British financial services - one in which a robust but supportive regulatory regime helps the sector grow at a reasonable rate, and another where weaker economic and market conditions plus unhelpful rulings stifle expansion.
This seems fairly comprehensive, apart from the fact that it doesn't take in the possibility of a global zombie apocalypse, with PwC warning that the latter scenario would be bad for the wider economy as well as for the financial services industry specifically.
Nick Forrest, director and financial services economist at PwC, said a well-functioning banking and insurance sector is absolutely vital to many other businesses across the UK, meaning any regulation should be well-considered and avoid draconian measures.
"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."
Companies bought more than £113 billion of financial services in 2010, making them a huge business input, while activities such as investment banking and brokering also generated in excess of £20 billion over the course of the year.
If PwC get their wish for inherently supportive regulation (and they almost certainly will), the financial services industry could be set to create jobs in London and further afield in the near future.
Signup to receive the latest discipline specific articles
Related articles
Teaser
GovernanceContent Type
Fintech
18/04/24
Summary
The role of risk and compliance in financial services As a sizeable, growing portion of the financial services sector, risk and compliance play a vital role in ensuring that firms conduct busine
by
David Clamp
Teaser
Executive SearchContent Type
General
18/04/24
Summary
Private equity (PE) is a growing industry that has always attracted ambitious top talent due to its high risk/high gain capital investment. Pre-covid, we saw the global private equity industry b
by
Tracey Alper
Teaser
Commerce & IndustryContent Type
General
18/04/24
Summary
What is financial contracting? Financial contracting refers to the practice of hiring finance professionals on a contractual basis to fulfil specific roles or projects within an orga
by
Kelvin Murphy
Related jobs
Salary:
Negotiable
Location:
London
Industry
Energy, Resources and Industrial
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£80,000 - £100,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
A high growth, renewable energy business based in Central London is currently seeking a new Management Accountant to join the team.
Reference
HAS3344210
Expiry Date
01/01/01
Author
Hannah SpearsAuthor
Hannah SpearsSalary:
£30 - £32 per hour
Location:
Stevenage, Hertfordshire
Industry
Manufacturing
Qualification
None specified
Market
Commerce & Industry
Salary
£250 - £350
Job Discipline
Project & Programme Management
Contract Type:
Permanent
Description
Manufacturing Project Manager for our Defense and Space Manufacturing Client.
Reference
BBBH180032
Expiry Date
01/01/01
Author
Joshua MasseyAuthor
Joshua MasseySalary:
Up to £27,000 per annum
Location:
Bristol
Industry
Insurance
Qualification
None specified
Market
Commerce & Industry
Salary
£25,000 - £30,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Contract
Description
Finance Assistant. This is a 12-month part-time (C.22 hours) FTC with a potential opportunity to go permanent. 27k pro rata
Reference
BBBH180026
Expiry Date
01/01/01
Author
Ali ArslanAuthor
Ali ArslanSalary:
£40,000 - £50,000 per annum + Strong Bonus & Benefits
Location:
London
Industry
Business Services
Qualification
None specified
Market
Professional Services
Salary
£50,000 - £60,000
Job Discipline
Project & Programme Management
Contract Type:
Permanent
Description
Role within High-Growth Specialist Consultancy as they build out their Commercial Change & Transformation offering
Reference
BBBH179934
Expiry Date
01/01/01
Author
Henry TownsendAuthor
Henry TownsendSalary:
£40,000 - £55,000 per annum
Location:
West Yorkshire
Industry
Business Services
Qualification
Finalist / Newly qualified
Market
Commerce & Industry
Salary
£50,000 - £60,000
Job Discipline
Internal Audit
Contract Type:
Permanent
Description
Marks Sattin are currently working with a leading PLC who are recruiting for a Senior Internal Auditor to join the team.
Reference
BBBH180007
Expiry Date
01/01/01
Author
Rajveer SanghaAuthor
Rajveer SanghaSalary:
£28,000 - £30,000 per annum
Location:
Leeds, West Yorkshire
Industry
Business Services
Qualification
None specified
Market
Commerce & Industry
Salary
£30,000 - £35,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Permanent
Description
Credit Controller role in Leeds - Middle East/Asia Ledgers
Reference
BBBH179367
Expiry Date
01/01/01
Author
Cameron WalshAuthor
Cameron WalshSalary:
Negotiable
Location:
London
Industry
Media & Communications
Qualification
Part qualified
Market
Commerce & Industry
Salary
£30,000 - £35,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Permanent
Description
An international events company, specialising in the sports, betting and gaming industry, are seeking a Finance Assistant.
Reference
KD0606
Expiry Date
01/01/01
Author
Kimberley DonovanAuthor
Kimberley DonovanSalary:
£32,000 - £37,000 per annum + Study support & Bonus
Location:
Leeds, West Yorkshire
Industry
Manufacturing
Qualification
Part qualified
Market
Commerce & Industry
Salary
£35,000 - £40,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Permanent
Description
Really excited to be partnering with a market leader in their field to support them recruit an Assistant Financial Accountant to join their team.
Reference
179873
Expiry Date
01/01/01
Author
Laura GunbyAuthor
Laura GunbySalary:
£40,000 - £60,000 per annum
Location:
West London, London
Industry
Energy, Resources and Industrial
Qualification
None specified
Market
Commerce & Industry
Salary
£60,000 - £70,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Contract
Description
Temporary to permanent Payroll Manager
Reference
BBBH180023
Expiry Date
01/01/01
Author
Chelsea MillsAuthor
Chelsea MillsSalary:
£50,000 - £65,000 per annum
Location:
Leeds, West Yorkshire
Industry
Business Services
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£60,000 - £70,000
Job Discipline
Internal Audit
Contract Type:
Permanent
Description
A great business keen to recruit for an Internal Audit Manager to come onboard and join the team.
Reference
BBBH180005
Expiry Date
01/01/01
Author
Rajveer SanghaAuthor
Rajveer Sangha