The strength of the financial services sector will be crucial to the continued well-being of the UK economy, according to an independent report produced for the British Bankers' Association (BBA).
The report says the financial services sector has achieved extraordinary levels of productivity and growth recently in comparison to other sectors, with productivity increasing three times the rate of the UK economy as a whole. Coupled with the sector’s activity in the international markets, it states the combined balance of payments surplus this generates is increasingly providing much-needed support to the economy by offsetting the burgeoning trade deficit from the UK manufacturing sector. This contribution by financial services is predicted to become even more important as the goods ...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes