26th October 2015

Banking on British jobs

As Britain’s largest export industry banking makes a significant contribution to the British economy.

The banking industry contributed more than £31 billion in tax in 20141 . A total of £16 billion – 51% – of this tax contribution came from foreign banks, while UK-headquartered banks contributed £15.3 billion – 49% – in taxes.

According to the latest Office of National Statistics (ONS) data, the financial services sector remains the largest contributor to the UK’s trade surplus accounting for 45%. The UK’s position as the world’s biggest net exporter of financial services is also evident; the UK exported £62 billion of financial services – an annual growth rate of more than 4%.

At the same time, banks continue to pursue cost saving opportunities in response to the new regulatory reforms and rapid developments in technology. The latest data from the ONS and the BBA Annual Employment Survey 2015 reflect these changes and the impact on the labour market. While there is a downward trend overall in bank jobs the industry is increasing jobs regionally. Many institutions relocate their operations outside of London, consequently, creating hundreds of new roles in regional banking clusters.

This report will further draw out the important role of the banking industry’s contribution to the labour market across the UK.

Please note that this free publication is only available as a downloadable PDF, see below.
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