“Today’s figures are good news for the British economy, and further evidence that a sustained recovery is taking hold. The financial services sector is playing a central role in driving that growth, with the largest contribution to the increase coming from the services sector, which rose 0.8%.
“According to our new report, the financial and related professional services sector generated a record trade surplus of £61bn in 2013. This figure is bigger than the combined surplus of all other net exporting industries in the UK and is playing a key role in offsetting the UK’s goods trade deficit.
“We’re seeing a 17 year high in optimism amongst firms in our sector as industry confidence builds at a pace not seen since the 1990s. Productivity levels are also well above the average for the UK economy. Whichever way you look at it, financial services is one of the main drivers of the economic recovery.
“UK financial and professional services firms are increasingly the face of British business around the world, ensuring that the UK attracts more Foreign Direct Investment than any other EU member state.
“To maintain this level of investment and ensure we have a sustainable recovery, we need policies which will help to attract jobs into the UK and fuel growth across the country.
“One of the key policy areas where we need a long-term view is taxation. Our research shows that a stable, predictable and globally competitive taxation system is critical to future investment. Measures taken by the Government to improve the UK’s tax competitiveness have been instrumental in securing growth across the UK.
