Some 40,000 new transport jobs could be created in the UK by 2020, with the right backing for financial services, according to research by PwC.
The report found that if the financial services sector is supported by sustainable and well regulated growth, GDP could grow by two or three per cent by 2020.
The UK could also get nearly 50,000 new manufacturing jobs.
“Our new research shows the fundamental link between growth in GDP and job creation in our core industries and the important role confidence has in securing that success. There is no doubt that industry areas were among the worst hit in the recession when confidence was at an all-time low,” said Coolin Desai, UK head of transportation & logistics at PwC.
“If we start to see the investment that we really need in these sectors then we can expect to see scenario one become a reality as business leaders will be able to secure the finance that they require to grow – and this in turn will boost confidence.
“The challenge for policymakers is the provision of effective UK and EU regulation that limits the likelihood and impact of any future crises, while allowing both the financial services sector and the wider economy to prosper.”
The findings were presented in PwC’s report Model Behaviour – the present and future of FS services in the UK.