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Find out how financial and related professional services contribute to the UK economy with our inter...
Nearly 11% of the UK’s GVA comes from financial and related professional services, more than any other industry. The industry employs more than 2.2 million people, representing around 7% of total UK employment, of which two-thirds are based outside London. This includes over 200,000 in the South-East and North West; around 150,000 in the East of England, Scotland and the South West; and more than 135,000 in both the West Midlands and Yorkshire and the Humber. The top five financial and related professional services hubs outside of London are Edinburgh, Birmingham, Manchester, Leeds and Bristol. Collectively the industry contributed £176bn to the UK economy in 2015.
Our industry is an enabler for everyday life, helping people to buy homes, start up a business, protect against risk, save for the future, prepare for retirement and facilitate trade and commerce.
Nine out of ten households across the country are estimated to have at least one insurance product and around two-thirds of the public enjoy the security of home ownership, thanks to mortgages. The outstanding amount of loans made available by major banks to UK businesses totalled £449bn at the end of 2016 – of this total, nearly 37% was lent to SMEs. UK fund managers help to protect and grow around £5tn in financial assets, representing savings through pensions, life assurance policies and other investments. The UK is also a global leader in accountancy, legal services and management consulting.
As well as being the leading international financial centre, the UK is also Europe’s financial centre and it remains a key destination for financial services investment. The industry attracted £10.2bn of foreign direct investment (FDI) in 2015, around one-third of total inward FDI. Financial services attracts more FDI into the UK than any other sector.
TheCityUK represents UK-based financial and related professional services right across the country. Our activity concentrates on issues of competitiveness to ensure London and the UK retains and enhances its global status as the leading international financial centre. Areas of focus include: