Against the backdrop of a post-Brexit environment, the BNP Paribas Market Leaders Report – carried out by CEBR – analyses the fastest growing sectors in the UK economy over the next two decades, and the industries that will power the UK’s long-term prosperity after leaving the European Union.
The fastest growing sectors in the UK economy
In times of unprecedented change, commentators, analysts and business leaders can be forgiven for focusing on the here and now. However, what we must guard against is falling into the trap of short-termism. Instead, we need to demonstrate discipline and vision to look beyond the latest tweet, headline, or cycle of quarterly reporting, which can so often generate more heat than light. More than ever, as well as managing the ‘now’, it’s vital for businesses to look up, to look forward, and make time to analyse the long term.
BNP Paribas has been serving UK businesses for more than 150 years. Today, we help finance businesses; manage risks for businesses; lease equipment for businesses; administer car fleets for businesses; provide real estate solutions for businesses. We lend, move, invest and keep money safe. We have, in short, a long-term stake in serving UK PLC. To this end, we wanted to know where the UK economy is going and what are the drivers shaping it. That’s why we commissioned the Centre for Economics and Business Research (Cebr) to look not just at the next year, or even five years, but the next two decades.
Forecasting can be a tricky business, but the BNP Paribas Market Leaders Report indicates that the long-term economic future of the UK looks promising. Growth and job creation are likely to come through innovation in the sustainable businesses of the future – from clean energy, to disruptive technology, to health and social care – that help make our lives better.
We hope that the findings help shed light on the long term, generate debate and ideas, and provide an additional perspective on our changing world.
From environmental policy to digital disruption and changing workplace trends, the report also analyses the underlying drivers of growth of market-leading businesses, using a survey of more than 1,500 UK enterprises across different sectors.
Key findings of the report include:
> The scientific, admin, professional and support services sector is set to more than double in size over the next 20 years,
> The transport and communications sector will create 120 new jobs a day until 2038, with technology and environmental changes being a major driver,
> The health and social work sector will become the UK’s fifth largest sector as it grows to meet the demands of an ageing population,
> Environmental concerns and new technology will be core drivers of growth across all sectors of the UK over the long term.