25 April 2017

TheCityUK: Key facts about UK-based financial and related professional services

The latest update of TheCityUK’s annual UK Key Facts report reveals the strong productivity of the UK-based financial and related professional services industry, with gross value added (GVA) per employee close to £79,500.

Highlights:

• UK-based financial and related professional services employ 7.3% of the UK’s working population, over 2.2 million people, two thirds of whom are outside London.
• The industry makes up 10.7% of UK economy as measure by GVA, a total of £176bn in 2015.
• Over 21 town and cities in the UK each have over 10,000 people employed in financial and related professional services.
• As the UK’s largest exporting industry, financial and related professional services run a trade surplus of around £72bn, greater than all other exporting industries combined.
• Financial services remain the UK’s largest tax paying sector, contributing 11.5% of total UK tax receipts in 2015/16 (£71bn) – around 71% of the total NHS England budget (£100bn in 2015/16).
• The total value of payments made by cheque has fallen by around 66% over the last decade to £400bn in 2016 - yet major banks’ customers used internet banking to transfer £6.4bn a week in 2014, and mobile banking apps to transfer £1.7bn a week in the same year.
• The UK insurance industry paid out an average of £2,400 per person in the UK in 2015 in pension benefits, claims related to life insurance, accident and disability policies, and general insurance claims.

Full report

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