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The financial sector's contribution to the UK economy

Published Wednesday, February 25, 2015

This note sets out some key statistics on the financial services industry in the UK.

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In 2014, financial and insurance services contributed £126.9 billion in gross value added (GVA) to the UK economy, 8.0% of the UK’s total GVA. London accounted for 50.5% of the total financial and insurance sector GVA in the UK in 2012. The sector’s contribution to UK jobs is around 3.4%. Trade in financial services makes up a substantial proportion of the UK’s trade surplus in services. In 2013/14, the banking sector alone contributed £21.4 billion to UK tax receipts in corporation tax, income tax, national insurance and through the bank levy.

Commons Briefing papers SN06193

Author: Gloria Tyler

Topics: Economic situation, Financial services

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