The overall TTC of legal and accounting activities is significant to the UK economy and accounts for £20.5bn in taxes borne and collected. It is growing, up by 5.4% between 2018 and 2020, on a like-for-like basis. The TTC represented 2.8% of total government receipts in 2020.
The strength of the sub-sector has wider benefits for the UK economy as a whole. Legal and accounting activities are a fundamental part of the UK’s internationally competitive ecosystem of financial and related professional services. Legal and accounting activities, together with financial services, contributed an estimated £96.1bn in taxes borne and collected in 2020, accounting for 12.9% of total UK receipts. The extent of the contribution to the public finances, coming from just 2.3% of the UK workforce, continues to be an indicator of the high-value jobs and the relatively high productivity of the sector, attributes which leave it well placed to contribute to the wider economic recovery as the UK leaves behind the scarring effects of the pandemic.