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The financial sector's contribution to the UK economy

Published Tuesday, April 4, 2017

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

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In 2016, financial and insurance services contributed £124.2 billion in gross value added (GVA) to the UK economy, 7.2% of the UK’s total GVA. London accounted for 51% of the total financial and insurance sector GVA in the UK in 2015. There are over one million jobs in the financial and insurance sector (3.1% of all UK jobs). The UK had a surplus of over £60 billion on trade in the financial and insurance sectors in 2016. In 2015-16, the banking sector alone contributed £24.4 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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