Financial services: contribution to the UK economy

In 2017, the financial services sector contributed £119bn to the UK economy, 6.5% of total economic output. The sector was largest in London, where 50% of the sector’s output was generated.

There were 1.1m financial services jobs in the UK, 3.2% of all jobs.

Exports of UK financial services were worth £61bn in 2016 and imports were worth £11bn, so there was a surplus in financial services trade of £51bn.

44% of financial services exports went to the EU and 39% of financial services imports came from the EU.

In the context of Brexit, there was seen to be significant implications for the financial services sector.

• Primary Source

ESO: Find further information sources in ESO relating to Brexit and financial services http://www.europeansources.info/advSearchLink?keyword=financial%20services%20brexit%20after%20&searchOption=all

ESO: In Focus: Brexit - The United Kingdom and the European Union http://www.europeansources.info/record/brexit-the-united-kingdom-and-the-european-union/

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