The success of peer-to-peer cryptocurrencies and blockchain technology could spell the end of the UK’s financial services sector, potentially dealing a death blow to the National Health Service at the same time—according to John Straw, an expert on digital disruption.
According to a report prepared by PwC for UK Finance, the total tax contribution of the UK banking sector in 2018 was around £36.7 billion. Expanding this to the UK’s entire financial services sector, this figure climbs to around £75 billion for the tax year 2017-2018, according to PwC research as reported by the City of London Corporation.
The Future of Financial Services?
This £75 billion represents just under 60% of the £130 billion budget for the Department of Health and Social Care the same year and 12.6% of the HMRC tax receipts in 2018. Because of this, Straw warns that if the UK’s thriving financial services industry collapses, it could bring the UK’s NHS with it. Read More...