You are here:

House of Commons Library

Financial services: contribution to the UK economy

Published Wednesday, April 25, 2018

Financial services: key statistics on output, jobs, trade and tax in the UK.

Jump to full report >>

In 2017, the financial services sector contributed £119 billion to the UK economy, 6.5% of total economic output. The sector was largest in London, where 50% of the sector’s output was generated. 

The UK financial services sector was the eighth largest in the OECD in 2016 by its proportion of national economic output. Luxembourg’s financial service sector was the largest in the OECD, contributing 27% of the country’s economic output.

There were 1.1 million financial services jobs in the UK, 3.2% of all jobs.

Exports of UK financial services were worth £61 billion in 2016 and imports were worth
£11 billion, so there was a surplus in financial services trade of £51 billion.

44% of financial services exports went to the EU and 39% of financial services imports came from the EU.

The sector contributed £27.3 billion in tax in the UK in 2016/17.

For more information on the impact of Brexit on the financial services sector, please see the following Library briefing: Brexit and financial services.

Commons Briefing papers SN06193

Author: Chris Rhodes

Topics: Economic situation, Financial services

Share this page

Stay up to date

  • Subscribe to RSS feed Subscribe to Email alerts Commons Briefing papers

House of Commons Library

The House of Commons Library provides research, analysis and information services for MPs and their staff.