The sector accounted for 9.6% of the UK’s output in 2011, an increase from the 9.4% seen in 2010. Financial services in the US contributed 8.4% to GDP, and in Japan, Germany and France they accounted for less than 5% of GDP.
Data from TheCityUK showed professional services provided a further 4.9% of GDP in both 2010 and 2011, while the two sectors combined account for 7% of the UK workforce, just over two million in real terms.
GDP input from financial and professional services reached £194.9bn in 2011, with London-based financial services alone accounting for £60.5bn. Of this, £21bn was in the form of income tax revenues.
Around 663,000 people are employed in financial services in London, and a further 243,000 in the South East, making them the two largest regions in terms of numbers employed in the sector.
The industry is smallest in Northern Ireland, where 31,000 are employed in financial services.
The regional professional service employment and GDP contribution figures are much more spread out. Nearly two thirds (62%) of GDP contributions come from outside of London, and North West-based services accounted for the second largest GDP contribution, 9.5%.
Of the two sectors, financial services is the largest employer, accounting for 1.07m of the workforce. Just below 64,000 are employed in securities dealing, while 32,300 are in fund management.
A further 205,900 are employed in other services. Professional services employ around 987,000, including 361,900 in management consultancy, 339,700 in legal services and 285,800 in accounting.
