UK by region
The financial services sector includes banking, insurance, securities dealing, derivatives and fund management. Related professional services include legal services, accounting and management consulting. The UK is the world's leading centre for cross-border financial and related professional services. London is core to the UK's leading position, but other cities such as Edinburgh and Glasgow in Scotland; Birmingham, Bristol, Leeds, Liverpool, Manchester, Norwich, Reading and Sheffield in England; Cardiff in Wales; and Belfast in Northern Ireland are also important financial centres.
The map below shows the main areas of financial and related professional services employment and their contribution to the wider economy.
The UK has the fourth largest banking sector globally, the third largest insurance sector, the second largest fund management industry and the second largest legal services sector. The UK's position in many global wholesale financial markets has strengthened over the past decade. Today, London and the wider UK have the leading share of trading in many international financial markets such as foreign exchange trading (41% of the global total), OTC derivatives trading (49%), cross-border bank lending (17%) and international insurance (22%). The UK is also the leading European centre for investment and private banking, hedge funds, private equity, exchange traded derivatives and sovereign wealth funds.
Financial and related professional services also help the wider economy and facilitate people's everyday lives. 90% of households purchase at least one insurance product, UK fund manager help protect and grow £4.0 trillion in financial assets, mortgages help home ownership for 90% of the population and there around 9,000 bank branches in the UK.