Financial services 'crucial' to economy's growth

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 ...