Britain's accountants and lawyers generate £15.5bn towards the UK's public finances, a report released today has revealed.
Taxes borne and collected by the UK's professional services sector represents 2.5 per cent of the country's tax receipts. The amount roughly equates to the total spending on Britain's police force, according to a report by CityUK.
Britain has the highest proportion of professional services jobs in EU.
Some 23 per cent of accounting and legal jobs are in the UK, beating Germany (21 per cent) into second place. France employs 10 per cent of the EU sector and Spain eight per cent.
CityUK chief executive Miles Celic said, “The legal and accounting sector make a considerable contribution to the UK economy in their own right, and are an essential part of the world-leading financial and professional services ecosystem.
The UK is the leading global hub for legal and accounting expertise and it is vital that we not only preserve that, but we continue to grow it.
He continued: "This expertise isn’t just located in London. Right across the UK, centres of excellence, including Manchester, Bristol and Edinburgh, are adding value to the UK economy."