UK: Financial and related professional services contributed £281 billion last year

LONDON, 24 May. - (ANA) - The annual report of CityUK highlights that in 2024, the industry contributed a substantial £281 billion to the United Kingdom’s (UK) real gross value added (GVA), representing around £12 in every £100 of economic output.

The financial services sector is also the third most productive sector (in terms of output per hour) in the UK, and remains a key recipient of inward foreign direct investment.

The report uses the latest available data to explore the contributions of the numerous industry components and sub-components, including banking, insurance, legal services and accounting, to name just a few. The sectors’ various activities are quantified, demonstrating their role in areas like mortgage lending, corporate fundraising through equity finance and infrastructure financing, among others.

Highlights

- Financial services had 1.1 million people in employment
• Banking – 377,000
• Insurance – 306,000
• Fund management – 74,000
• Other financial services – 343,000

- Almost 2.5 million people in the UK worked in financial and related professional services in 2023.

- Related professional services had almost 1.4 million people in employment:
• Management consultancy - 532,000
• Accountancy - 493,000
• Legal services - 364,000

To Download the report, visit: file:///Users/mac/Downloads/key-facts-about-uk-based-financial-and-related-professional-services-2025.pdf