A new UK ranking by PricewaterhouseCoopers shows that the Financial Services, along with the metal products sector, as the industry most likely to suffer in the recession.
The PricewaterhouseCoopers Sector Vulnerability Index looks at 15 major UK industry sectors and how they are affected by ten key economic and financial factors reflecting current financial strength, historical cyclicality and future growth potential.
John Hawksworth, head of macroeconomics, PricewaterhouseCoopers LLP, said: Our research shows that the most vulnerable sectors are those that are highly cyclical without enjoying the buffer of strong financial positions.
According to a PwC statement: The high vulnerability of the UK financial services sector reflects its role at the epicentre of the current global crisis, in particular the current high leverage and low profitability of the banking sector, which will take some years to turn around.
The report can be found here.