Financial services industry generates 8.9% of UK GDP
Research from City lobbying group TheCityUK has revealed that the financial services industry represented 8.9% of UK GDP in 2011.
In its latest report, TheCityUK found that the financial services industry employed more than one million people.
The greatest number worked in the banking industry (454,200), followed by insurance (345,600), securities dealing (46,600), and the fund management sector (35,5000).
The fund management capital remains London, employing 25,200 people, with Edinburgh employing 3,200.
The financial services firms generated £63 billion in tax during 2010-11, or 12.% of the UK tax receipts.
The highest number of the 1,442 foreign companies authorised by the Financial Services Authority were US-owned.
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