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Government praised over ‘sharing economy’ policies

The UK is well positioned to exploit a £9bn opportunity offered by the “sharing economy”, accounting giant PwC has indicated.

PwC analysis suggested that revenues from sharing practices such as peer-to-peer (P2P) finance, online staffing, P2P accommodation, car sharing, and music and video streaming could grow by as much as 17 times in the run up to 2025.

Such practices are seen by those backing circular econonmy models as being a wider form of resource efficiency.

Globally, revenues from those sectors could hit $335bn (£201bn) by 2025, up from $15bn today.

Robert Vaughan, economist at PwC, noted the UK was preparing to take advantage of the growth by developing “progressive policies”.

“For example, the Government recently brought insurance leaders together to work out how they can better serve sharing economy business models,” he said. “And officials have just announced plans to remove laws controlling short-term rentals, opening up the door for short-term P2P accommodation sites to expand.”

John Hawksworth, chief economist at PwC, said that the sharing services could be extended to other sectors, such as energy, telecoms and retailing.

“There are some very exciting growth opportunities that are yet to be fully realised,” he said. “Companies need to do an audit of which of their tangible and intangible assets could profitably be shared in future.”

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