UK Work Programme

TheCityUK works to improve the business environment for financial and related professional services firms across the nations and regions of the UK, promoting the value of the industry to the wider economy.

Tax recieptsNearly 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 - accounting for nearly 11% of GVA. 

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.

Our UK focus

ContributionTheCityUK 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: talent and skills – ensuring the industry is able to continue to attract and retain the best talent from across the world and has a strong pipeline of home-grown talent; innovation and disruption – embracing, diversifying and scaling-up the UK’s strength in FinTech; enhancing cyber resilience; taxation; regulation and supervision; infrastructure; strengthening and expanding products and services.

As with all areas of work, our UK-focused activity is underpinned by evidence-based research that helps to shape the debate, supported by ongoing and constructive engagement with senior policymakers and stakeholders.


 For more information about the impact that financial and related professional services have on the UK economy please see our UK Interactive Map or contact us.