Figures released today by TheCityUK reveal that the financial and related professional services industry is on average 80% more productive than other sectors in the UK. The average worker in financial and related professional services contributes £85,000 to the UK economy per year – nearly double that of the £47,000 contributed by the average worker in other sectors.
Employment in financial and related professional services is also at its highest level since the outset of the financial crisis, with more than 2.1 million people now working in the industry across the nation. This represents 7.2% of the UK’s workforce, who together contribute 12% of the UK’s £1.5 trillion total GDP.
TheCityUK’s analysis[i] also reveals that almost 34,000 new jobs were created in the industry in 2013. The fact that around half of those were in the North West underlines Chancellor George Osborne’s focus on building a ‘Northern Powerhouse’ over the next few years.
Chris Cummings, Chief Executive, TheCityUK, said, “These figures emphasise the significant contribution the financial and related professional services industry makes to the UK’s economy and its central role in driving economic growth.
“It is vital that the UK continues to remain an attractive destination for foreign direct investment and that its status as a leading international financial centre is maintained. Investment in infrastructure, supporting SMEs and skills training is fundamental to this. It is also critical to ensure the ongoing competitiveness of the UK and its ability to continue to create jobs and build a strong growing economy.”
Mr Cummings also noted that financial and related professional services is much greater than just London.
“More than two thirds of all employment in the industry is outside the M25. The burgeoning North West region is fast emerging a major business hub and strong regions are critical to the UK’s long term economic health.”
“Whichever party comes out on top after the General Election will face the challenge of keeping Britain globally competitive, with a strong economy that continues to deliver jobs and growth. These numbers reemphasise the important role the financial and related professional services industry will continue to play in supporting sustained economic growth across the UK,” concluded Mr Cummings.
[i] TheCityUK’s employment calculations are based on the ONS’ Business Register and Employment Survey (BRES). TheCityUK has aggregated BRES figures to arrive at a regional and city breakdowns for financial and professional services.
