Financial services contribution to UK GDP climbing

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 incom...