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Hundreds of thousands of new jobs could be created if Britain’s financial services sector is allowed to grow, according to a new report.

PricewaterhouseCoopers (PwC) said sustained growth combined with a robust regulatory regime could generate around 22,000 extra jobs in the insurance industry by 2020.

Such a scenario would also see 218,000 jobs created across the wider economy.

Analysts at PwC said they had based their predictions on two potential outcomes.

In the first scenario, the financial services sector benefits from favourable economic conditions and support from a strict regulatory regime.

The second scenario sees the sector constrained by a weaker domestic and global economy, with a regulatory environment that does less to facilitate growth.

According to the report, sustained growth would help create 47,500 jobs across the whole UK financial services sector.

Researchers say their findings show the important contribution the UK insurance sector makes to the financial services sector and the wider economy.

PwC’s UK insurance leader Jonathan Howe said: “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.”

Copyright Press Association 2013

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