Key facts about UK financial services and the EU

EU financial and related professional services play an important role in supporting business investment and growth, offering people secure access to their money, protecting against risks and providing stability for households and corporations. This report brings together facts and statistics on the sector. It seeks to highlight that financial and related professional services are a crucial part of the European economy.

The sector provides more than 11 million jobs in the EU and accounts for €681 billion of economic value. The EU is a leading exporter of financial services worldwide with extra EU-exports of €78 billion accounting for about a quarter of global financial services exports.

The links between financial markets in the UK and EU are extensive, and are fundamental to the prosperity of the whole region. London is Europe’s financial centre. In the same way that the US draws strength from having New York at its financial heart, so the Member States across the EU are stronger by having London, one of only a handful of truly global cities, as the hub and entry point for companies based outside Europe wanting to access the Single Market. The access to a global capital market
within the EU’s borders also helps to reduce the cost of financial services for EU firms. The Single Market on the other hand gives UK businesses access to the world’s largest economic bloc.