Finance boost to EU laid out

THE EUROPEAN Union’s financial services provide 11m jobs and €636bn (£525.73bn) of value added, according to a report by TheCityUK, coming as part of a campaign to promote the importance of the sector to Europe.

The research, seen exclusively by City A.M, lays out the contribution of finance firms towards employment and trade. The sector makes up 5.5 per cent of GDP in the single market, barely less than construction’s 5.7 per cent. In the UK alone, it accounts for 7.9 per cent of GDP.

The EU’s financial sector also accounts for significant proportions of the industry around the world: TheCityUK says 45 per cent of global banking assets are in the EU, and €18.9 (£15.62 trillion) trillion in funds under management.