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Employees in the financial and related professional services industry are almost twice as productive as the average UK worker, according to a new report from TheCityUK.
The report, Driving economic growth; Creating sustainable jobs: how financial and related professional services serve the UK, shows employees in the industry contribute an average of £83,000 each per year to economic growth, compared to just £46,000 for the average employee across other sectors in the UK. This productivity is spread throughout the UK, with every region having a Gross Value Added (GVA) contribution of at least £57,000 per employee in the financial and related professional services industry.
The report highlights that the industry’s contribution to the UK’s overall GVA increased from 10.3% in 2002 to 12.6% in 2012, the biggest increase of any sector except real estate, and it has created 100,000 new jobs in the past two years alone. TheCityUK estimates the industry could create another 100,000 new jobs over the next six years, as long as there is balanced regulation and a supportive policy environment.
The financial and related professional services industry also employs younger than average workers, helping to offset the higher unemployment rate among younger people in the UK. The report finds that just over 50% of the industry’s employees are under 40 years old, compared to 46% in other sectors – providing more jobs and prospects to those starting their careers and helping to combat youth unemployment.
TheCityUK’s report provides a detailed breakdown of the spread of employment and GVA for the industry across the country, using case studies by region to illustrate the many reasons companies have for locating their operations outside London. A full copy of the report as well as regional case studies is available here.
