Key Facts about EU financial and related professional services 2015

TheCityUK has launched its new report Key Facts about EU Financial and Related Professional Services. The report reinforces the important role our industry plays across the European Union, in particular how it supports jobs and growth across the EU, provides business investment and finances government.

Financial and related professional services are integral to the European economy and the links between financial markets in the UK and EU are fundamental to the prosperity of the whole region. London is Europe’s financial centre and offers a hub and entry point for companies based outside of Europe wanting to access the Single Market.

TheCityUK has launched its new report Key Facts about EU Financial and Related Professional Services. The report reinforces the important role our industry plays across the European Union, in particular how it supports jobs and growth across the EU, provides business investment and finances government.

Financial and related professional services are integral to the European economy and the links between financial markets in the UK and EU are fundamental to the prosperity of the whole region. London is Europe’s financial centre and offers a hub and entry point for companies based outside of Europe wanting to access the Single Market.

Evidence we have gathered from the industry shows that financial and related professional services think continued membership of the EU is important for UK competitiveness, but a lot needs to change. Our members want practical reform that will not only bring benefit to the industry in the UK, but to the whole of the EU, enabling it to be more competitive in the global marketplace and better provide the investment for jobs and growth that Europe needs.

Highlights from the report include:

  1. The EU is the leading exporter of financial services, with extra-EU exports of €78 billion accounting for about a quarter of global financial services exports
  2. The EU financial services sector accounted for €681 billion of Gross Value Added in 2014, around 6% of total EU economic output. Taking professional services into account, this rises to around 10%
  3. The total value of finance provided to EU companies totalled nearly €16 trillion at the end of 2014
  4. Around 9,500 companies are listed on stock exchanges in EU Member States, double the number in the US
  5. Financial and related professional services employ 11 million people across the EU
  6. Evidence we have gathered from the industry shows that financial and related professional services think continued membership of the EU is important for UK competitiveness, but a lot needs to change. Our members want practical reform that will not only bring benefit to the industry in the UK, but to the whole of the EU, enabling it to be more competitive in the global marketplace and better provide the investment for jobs and growth that Europe needs.