The report also includes figures to demonstrate that the financial and related professional services industry is a pillar of strength for the UK, making a substantial contribution to employment, tax receipts, and the balance of payments. It’s not only a vital economic asset, but also makes a real difference to people in their daily lives, helping them save for the future, invest in a business and protect and manage risk.
During the current crisis triggered by the Covid-19 pandemic, the importance of the industry to the economy is more apparent than ever. While the report presents historical data and does not cover the current period, it does show the latest benchmark assessing financial and related professional services’ indispensable economic contribution.
Key stats from the report show:
- one in 14 UK-based workers (over 2.3 million people) are employed in financial and related professional services, with two-thirds outside London
- financial services accounts for £10.50 in every £100 of tax paid to the exchequer, a total of £75.5bn in 2018/19, equivalent to 42% of the total health budget
- financial and related professional services firms contributed £200.5bn to UK gross value added (GVA), representing £10 in every £100 of UK economic output.
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