City jobs drive UK productivity as sector grows: Average finance worker contributes £85,000 to the economy each year

Josh Martin
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Finance jobs provide a huge boost to British GDP for George Osborne

The City is continuing to punch above its weight to boost productivity in the economy, figures out today reveal.

Around 2.1m people now work in the finance and professional services industry across the nation. This represents only 7.2 per cent of the UK’s workforce, but contributes 12 per cent of the UK’s £1.5 trillion total GDP.
Figures by TheCityUK, based on 2013 year-end ONS data, found the average worker in financial and related professional services contributes £85,000 to the UK economy per year – nearly double the £47,000 UK average.
The industry continued to rebound from the financial crisis, with employment levels at their highest since the onset of the crash and an additional 34,000 new jobs created in 2013. Of that, 16,000 were based in London. Just under half of these were in the government-touted northern powerhouse of the regions around Manchester, Leeds, Liverpool and Newcastle, underlining chancellor George Osborne’s focus on creating another centre to balance London. However, the same data showed Leeds, Liverpool and Newcastle had a net loss of jobs in the sector.
Chris Cummings, chief executive of TheCityUK, said:
“These figures emphasise the significant contribution the financial and related professional services industry makes to the UK’s economy and its central role in driving economic growth.
“It is vital that the UK continues to remain an attractive destination for foreign direct investment and that its status as a leading international financial centre is maintained... It is also critical to ensure the ongoing competitiveness of the UK and its ability to continue to create jobs and build a strong growing economy.”

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