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Economics, government & businessLatest NewsBusiness performanceJob creation and losses

Financial services industry provides employment for three million people

by Gareth Vorster 18 Jun 2007
by Gareth Vorster 18 Jun 2007

The UK financial services industry creates employment for three million people, with nearly half a million in banks alone, according to new research.


A report published by the British Bankers Association (BBA) called Focus on Finance, found that sector corporation tax payments amounted to £9bn – which could pay for 36 new hospitals or 600 city academies.


It finds that the financial services industry makes a £50bn contribution to the UK economy, representing 8.5% of the UK’s Gross Domestic Product (GDP), equivalent to around £850 for every man, woman and child in the country.


Angela Knight, BBA chief executive said: “The financial services industry in the UK creates millions of jobs, generates wealth for the UK’s citizens, contributes some £23bn to the exchequer and provides the economic infrastructure which allows our entrepreneurs and businesses to grow.


“Without the global success of British banking there would be a gaping hole in the nation’s finances and in people’s pensions. It really is the engine room of the economy,” Knight said.

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