The report demonstrates the important role financial and related professional services play in supporting the jobs and growth agenda, employing over 7% of the UK workforce, producing nearly 12% of total economic output, contributing £66bn in taxes and generating a trade surplus of £72bn. Foreign companies invested around £100bn into the UK financial services sector since 2007 – more than in any other sector.
Importantly the industry is spread nationally, with over 2.2 million employees, two-thirds of which are outside London. These employees have helped raise living standards by spreading high productivity and high value added employment around the country in a sustainable way. The value added to the economy per financial and related professional services worker is £87,000, compared to the £52,000 annual average for workers in other sectors.
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