Well regulated and sustainable growth in the UK financial services sector could generate an extra £2.4 billion for the Yorkshire and Humberside economy by 2020, according to a new report.

The report, carried out by PwC, says that while London’s ‘hub status’ unsurprisingly sees it create the biggest increase, all the UK regions would gain from having a well-managed and well-regulated financial services sector.

And PwC’s modelling suggests that Yorkshire and Humberside will gain an extra £2.4bn per annum in 2020, equivalent to 2.25% above baseline.

Gary Shaw, PwC’s Yorkshire & North East financial services leader, said: “The link between the health of the region’s financial services sector and the health of the overall economy is undeniable.

“Yorkshire has one of the largest financial services sectors outside London. It is no surprise that the region could significantly contribute to the UK’s growth by 2020.”

• PwC economists based their analysis on a scenario designed to represent what a future financial services sector might look like in terms of its contribution to the UK economy.