As well as providing high-productivity, high value jobs, the financial services sector remains a vital source of tax receipts, accounting for £11 in every £100 of tax paid to the exchequer and the generator of the largest trade surplus of any UK industry: £60.9bn in 2017.
The report also makes clear the multi-billion-pound investments the industry has been making to enable customers and other businesses take advantage of digital innovations such as internet banking, contactless payments, Law Tech and the use of Artificial Intelligence.
Key facts include:
• The industry employs 2.3 million people (1 in 14 UK workers) – two thirds of whom are outside London.
• The UK remains a key destination for financial services investment, attracting £15.9bn of foreign direct investment (FDI) in 2017, representing 31.4% of total inward FDI.
• The UK FinTech sector generated around £7bn in revenue in 2016.
• The use of online banking in Britain increased from 35% in 2008 to 69% in 2018.
Click here to access the full report.