A well-functioning financial services sector could create over 218,000 more jobs in the wider British economy by 2020, PricewaterhouseCoopers (PwC) said Monday.

Approximately 47,500 additional jobs could be created across the British financial services sector, with up to nearly 220,000 across the wider British economy, said the international accounting agency in a report titled: "Where next? Assessing the current and future contribution of the UK Financial Services sector".

Insurance industry jobs account for approximately 47 percent of the 47,500 additional jobs, it added.

Meanwhile, the industry's growth may cause a 2 percent to 3 percent increase in the country's GDP during the same period. British businesses spent more than 113 billion pounds (172.5 billion U.S. dollars) on financial services in 2010, the period for which the most recent official data is available, the report showed.

The financial industry bought around 90 billion pounds worth of goods and services from other parts of the economy, and the biggest outlays from financial firms were on telecommunications, information technology, transport and catering.

Jonathan Howe, British insurance leader at PwC, said: "A thriving insurance sector is essential to both the British economy and to individuals, yet it is important that this is supported with a sustainable and stable regulatory regime." Endi

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