The sharing economy in the UK could grow up to 20 times its worth by 2025, despite the UK’s recent decision to leave the EU, reports City A.M.

According to audit firm PwC, the sharing economy across Europe could grow up to £570 billion by 2025 with £140 billion of that revenue going to the UK, up from £7 billion today. The UK’s sharing economy is also growing faster than the rest of Europe and analysis by PwC predicts that it will grow by 30% per year.

PwC defines the sharing economy as collaborative finance, peer-to-peer accommodation, peer-to-peer transportation, on-demand household services and on-demand professional services.

“The rise of the sharing economy is changing the face of European business – creating opportunities for new entrants, challenges for incumbent players, and searching questions for all stakeholders. We think it will be those that respond to the new reality the quickest that stand the best chance of creating advantage and capturing the value in this space, ” Rob Vaughan, economist at PwC, said.

“While our analysis was carried out ahead of the UK’s vote to leave the EU, at present we do not expect the decision to alter our long-term trajectory for the sharing economy's substantial growth by 2025,” Vaughan said.

Economic and political uncertainty will act as a headwind to growth across every sector of the economy in the short-term, but the fundamental drivers of the sharing economy – technological advancements, demographic change and urbanisation – will continue to drive adoption in this space over the long-term," Vaughan said.