Financial services continue to make substantive contribution to UK economy
Published 06/01/2011
Key findings from TheCityUK's annual report Economic Contribution of UK Financial Services 2010 include:
- Financial services 10% share of UK GDP is higher than other major economies.
- UK financial services employment picked up by 17,000 to reach 1.01m in the six months to September 2010.
- Over 3,000 people are employed in financial services in 62 parliamentary constituencies, nearly 10% of all constituencies; with more than 1,000 people employed in financial services in 185 constituencies, 28% of the total.
- Financial services generated a trade surplus of £40bn in 2009, expected to fall to around £36bn in 2010.
- UK companies' earnings from FDI overseas, £8.2bn in 2009, have consistently exceeded foreign companies earnings from FDI in the UK, minus £2.5bn in 2009.
- Out of 953 foreign companies authorised by the FSA 420 are US-owned, while in total there are 28 countries with ownership of at least 6 FSA authorised firms.
- Tax take of UK financial services firms dropped to £53.4bn in 2009/10: still the biggest sector contributor with 11% of UK tax receipts.
