TheCityUK responds to the ONS Balance of Payments and National Accounts statistics

Chris Cummings, Chief Executive, TheCityUK, said

Today’s Office of National Statistics (ONS) 2014 Balance of Payments figures and National Accounts statistics reinforce the significant contribution of the financial and related professional services industry to the UK economy. 

The robust £78.1bn services surplus – of which financial and related professional services accounted for a record £66.9bn (86%) – plays a crucial role in partially offsetting the merchandise trade deficit. The UK’s financial services’ trade surplus is not only the world’s largest, it is larger than the surpluses of the next three countries combined (US, Luxembourg and Switzerland). 

The sector’s contribution to GDP, at £167bn (11.8% of total UK GDP), is nearly twice its contribution to employment, making the sector around 70% more productive than the UK average. The average economic output per worker in financial and related professional services is nearly £80,000 per year, compared to the £46,000 UK average for other sectors.

The message is very clear: as a leading international financial centre, the UK remains a genuinely competitive place to do business – reflected in the strong net exports position of the sector – and is a key driver of growth and job creation right across the nation.