TheCityUK has launched its latest report: “Key Facts: UK Financial and Related Professional Services” which you can find attached. The report highlights the importance of the financial and related professional services industry to the UK’s economy.
The report demonstrates the important role the industry plays in supporting the jobs and growth agenda. The industry;
- generated a trade surplus of £67bn in 2013, more than any other net exporting industries combined. With the trade surplus up 10% in the first nine months of 2014, the full year total is estimated to be a record high of £74bn
- employs over 2.1 million people – around 7% of the UK workforce, two thirds of whom are outside London
- is highly productive – the average worker in financial and related professional services contributes £85,000 to the UK economy per year – nearly double the £50,000 contributed by the average worker in other industries.
- contributed £!80bn to the UK economy – nearly 12% of total economic output
- contributed £66bn in taxes in 2013/14, or 11.5% of total UK tax receipts
Aside from these macroeconomic benefits, financial and related professional services facilitate people’s everyday lives, including through SME funding, pension provision, saving accounts and mortgages. It is an industry that connects us all.
In 2015 a new government will face the challenge of keeping Britain globally competitive. While government is responsible for creating the environment in which the economy and society thrives, financial and related professional services can play an important supporting role in helping to build a strong economy that creates jobs and drives growth right across the UK.