The sector will drive economic growth over the next decade as the UK creates another three million jobs, a financial services giant has forecast today.
Business services – which includes IT, finance, legal services, recruitment and marketing – will be the main driver of growth, creating 1.5m jobs, PwC said.
Manufacturing is forecast to decline with up to 600,000 jobs at risk by 2025. PwC believes the number of people working in manufacturing will fall below the number in construction for the first time on record.
The economy is expected to expand at an average rate of 2.2 to 2.3 per cent over the next nine years.
“Risks to growth are weighted somewhat to the downside in the short term due to international risks, particularly in relation to emerging markets and uncertainty around the EU referendum,” said PwC chief economist John Hawksworth.
“But there are also upside possibilities if the global environment improves and UK productivity growth rates accelerate.”