How much is financial and professional services worth to the UK?
Financial and related services contributed £176bn to the UK economy in 2015 according to a new report.
The report by private sector membership body TheCityUK also found that financial services and related sectors represents 10.7% of the UK economy, which is “among the largest contributions of any sector” according to Miles Celic, Chief Executive of TheCityUK.
Those working in the sector also make a significant contribution to UK economic output, with GVA of an individual in the sector totaling almost £79,500 compared to an average of £52,500 from other sectors.
There are more than 2.2 million people working in financial and related professional services, making up more than 7% of total UK employment.
Miles said: "In the post-Brexit environment, it will be more important than ever for policymakers to work in tandem with the industry to ensure it remains competitive, can continue to serve customers and clients, and can underpin Britain’s success in the years ahead".