The £4.5 billion of net inflows during the period, compared with £4.4 billion a year earlier, helped the business to offset the investment hit it took from the turmoil.

An additional 200 million of annual cost cuts, at a cost of 400 million, would also offset the investment in growth areas.

The service will also identify any funding or grants that can be used to offset the investment in training.

Savings on the cost of fossil fuels in conventional technologies could completely offset the investment in renewable energy technologies and energy efficiency by as early as 2040.