LONDON, 19 March. - (ANA) - The CityUK launched their annual report titled,‘Key facts about UK-based financial and related professional services 2024’, which shows that in 2023, the industry contributed a substantial £243.7 billion to the United Kingdom (UK) economy, representing around £12 in every £100 of economic output.

This latest economic research outlines the positive impact the industry has on the UK economy in terms of job creation and economic contribution, as well as in fostering innovation, driving technological advancements and enabling wider economic growth.

 

The report also underlines how the UK continues to be a major national employer, employing over 2.4 million people in 2022 – or almost one in every 13 people in employment – with two thirds of these jobs based outside London in cities such as Birmingham, Edinburgh, and Manchester.

 

Against the current challenging economic backdrop, the UK-based financial and related professional services industry continues to play an enabling role in supporting economic growth, and to support individuals and businesses in their day-to-day activities through familiar services like saving, mortgage provision, and business lending. The data presented in this report highlights the multifaceted contributions made by the financial and related professional services industry.

 

Our research delves into the contributions of the various industry components and sub-components, examining their role in job creation, retail financial services, corporate fundraising, and more. For example, the latest available data show that the financial and related professional services industry employed more than 2.4m people across the UK in 2022. In that same year, UK-based fund managers managed more than £10 trillion in financial assets, and UK private equity funds invested almost £30 billion in UK (United Kingdom) companies.

 

As we embark on a long path of economic recovery, the insights in this report provide crucial evidence for policymakers and industry stakeholders of the value and contribution of the financial and related professional services industry. Understanding the industry’s manifold contributions is a critical first step towards formulating informed strategies that will maintain and enhance the industry’s competitiveness, allowing it to continue to drive UK prosperity.   - (ANA) -

 

To download the report, visit:file:///Users/mac/Downloads/key-facts-about-uk-based-financial-and-related-professional-services-2024.pdf

 

AB/ANA/19 March 2024 - - -