The financial services sector's UK GDP share climbed to 9.4% in 2006, up 0.6% on the previous year.
A report by International Financial Services London showed the financial services’ GDP share has jumped from 6.6% back in 1996.
The GDP share increase contrasts with the UK manufacturing sector, which has fallen from 21.1% to 13.2% over the decade.
The disparity is also evident in trade performance, with the financial services sector’s surplus up £8.7bn to £25.1bn between 1996 and 2006; while deficit in goods ballooned to £80bn, from under £20bn.
The report also showed financial service firms put a quarter of all corporation tax revenue into Government coffers, £8.9bn.
The £13.6bn income tax raised by the financial services’ workforce contributes 12% of all income tax receipts, three times its 4% workforce share.
This is displayed by the £84,100 financial services' per employee value, double the £39,400 UK all employees average.
To comment on this story, contact:
0207 034 2681
Moves to overweight equities and fixed income
The Big Interview: Focus on ethical investment
View from the front row
'No control or oversight'
359 new customers in 2018