The aim of this additional scenario is to consider how the UK banking system might evolve if recent headwinds to bank profitability persist  Page 6 of 9  or intensify. It includes weak global growth, persistently low interest rates, and stagnant world trade; it has a seven-year horizon to capture these long-term trends.
Think of Sicard, whose invention clearly brought huge long-term benefits but also led to job losses, especially the jobs of workers who cleared roads using horsedrawn snowplows. As such, a strong and dynamic economy should be driven, in part, by the entry of new firms and the exit of less-viable firms. 2 This renewal involves a needed reallocation of labour toward growing industries.