TheCityUK's latest report highlights the importance of financial and related professional services to the UK’s economy.
The report demonstrates the important role financial and related professional services play in supporting the jobs and growth agenda, employing over 7% of the UK workforce, producing nearly 12% of total economic output, contributing £66bn in taxes and generating a trade surplus of £72bn. Foreign companies invested around £100bn into the UK financial services sector since 2007 – more than in any other sector.
Importantly the industry is spread nationally, with over 2.2 million employees, two-thirds of which are outside London. These employees have helped raise living standards by spreading high productivity and high value added employment around the country in a sustainable way. The value added to the economy per financial and related professional services worker is £87,000, compared to the £52,000 annual average for workers in other sectors.