In 2024, the financial and insurance services sector in the United Kingdom had a gross value added (GVA) that amounted to over ***** billion British pounds, compared with ***** billion pounds in 2023.

This statistic shows the United Kingdom (UK) financial and insurance industries gross value added (GVA) as a share of the UK's total economic output. It can be seen that in the years running up to the global financial crisis the United Kingdoms finance and insurance industry became a major factor of its economic gross value added output. in 2009 (one year post financial crisis) the UK's finance and insurance industry accounted for nine percent of its GVA. Since then there has been a steady decrease amounting to 6.9 percent as of 2018. In 2017, London accounted for almost half of financial sectors GVA.

Employment in the financial services sector in the United Kingdom fell between 2001 and 2021. The total number of people employed in this sector amounted to approximately 1.1 million in 2021, a figure that is unchanged since 2009. This was a decrease compared to pre-global recession figures, when on the British market there were 1.2 million people employed in all subsectors of financial services. These figures have decreased as a result of the crisis and closure of bank branches across the country.

The closing of bank branches

The increasing usage of online banking has resulted in a large number of bank branch closures in the United Kingdom. Many banks have seen dramatic declines in their number of branches in the last few years. The branch closures have become a way for the banks of decreasing expenditure as profit margins become tighter.

Financial service sector

Financial services, which include banks, credit unions, credit-card companies, accountancy firms, insurance companies as well as financial service companies are an integral part of any economy. The banking sector assets as percentage of gross domestic product (GDP) was approximately 378 percent in 2019.

United Kingdom GDP: CL: 2009p: HCE: Domestic: Misc: Financial Services (FS) data was reported at 8,387.000 GBP mn in Mar 2013. This records a decrease from the previous number of 9,170.000 GBP mn for Dec 2012. United Kingdom GDP: CL: 2009p: HCE: Domestic: Misc: Financial Services (FS) data is updated quarterly, averaging 8,195.000 GBP mn from Mar 1997 (Median) to Mar 2013, with 65 observations. The data reached an all-time high of 9,956.000 GBP mn in Mar 2008 and a record low of 4,263.000 GBP mn in Jun 1997. United Kingdom GDP: CL: 2009p: HCE: Domestic: Misc: Financial Services (FS) data remains active status in CEIC and is reported by Office for National Statistics. The data is categorized under Global Database’s UK – Table UK.A067: ESA 1995: GDP: Household Consumption Expenditure: Chain Linked: 2009 Prices: SIC 2007.

Graph and download economic data for Private Credit by Deposit Money Banks and Other Financial Institutions to GDP for United Kingdom (DDDI12GBA156NWDB) from 1960 to 2021 about finance companies, companies, finance, credits, United Kingdom, deposits, financial, banks, private, depository institutions, and GDP.

In 2022, the financial service sectors contribution to the total economy varied greatly across European countries. In Luxembourg, more than 25 percent of the output was generated by the finance and insurance service sector. On the other hand, in Ireland, Norway, Finland, Latvia, and Slovakia, the sector contributed to less than 3.5 percent of the economic output.

United Kingdom UK: GDP: % of GDP: Imports of Goods and Services data was reported at 31.933 % in 2017. This records an increase from the previous number of 30.327 % for 2016. United Kingdom UK: GDP: % of GDP: Imports of Goods and Services data is updated yearly, averaging 25.225 % from Dec 1960 (Median) to 2017, with 58 observations. The data reached an all-time high of 32.050 % in 2011 and a record low of 18.900 % in 1966. United Kingdom UK: GDP: % of GDP: Imports of Goods and Services data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s UK – Table UK.World Bank: Gross Domestic Product: Share of GDP. Imports of goods and services represent the value of all goods and other market services received from the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted Average;

505 Economics is on a mission to make academic economics accessible. We've developed the first monthly sub-national GDP data for EU and UK regions from January 2015 onwards.

Our GDP dataset uses luminosity as a proxy for GDP. The brighter a place, the more economic activity that place tends to have.

We produce the data using high-resolution night time satellite imagery and Artificial Intelligence.

This builds on our academic research at the London School of Economics, and we're producing the dataset in collaboration with the European Space Agency BIC UK.

We have published peer-reviewed academic articles on the usage of luminosity as an accurate proxy for GDP.

Key features:

• Granular: Data is provided at the following geographical units:
  • NUTS3 (e.g. London Boroughs),
  • NUTS2 (e.g. London),
  • NUTS1 (e.g. England), and
  • NUTS0 (e.g. United Kingdom) levels.
• Frequent: Data is provided every month from January 2015. This is more frequent than the annualised official datasets.
• Timely: Data is provided with a one month lag (i.e. the data for January 2021 was published at the end of February 2021). This is substantially quicker than the 18 month lag of official datasets.
• Accurate: Our dataset uses Deep Learning to maximise accuracy (RMSE 1.2%).

The dataset can be used by:

• Governments and policy makers - to monitor the performance of local economies, to measure the localised impact of policies, and to get a real-time indication of economic activity.
• Financial services - to get an indication of national-level GDP before official GDP statistics are released
• Engineering companies - to monitor and evaluate the localised impact of infrastructure projects
• Consultancies - to forecast the localised impact of specific projects, to retrospectively monitor and evaluate the localised impact of existing projects
• Economics firms - to create macro forecasts at the national and sub-national level, to assess the impact of policy interventions.
• Academia / Think Tanks - to conduct novel research at the local level. E.g. our dataset can be used to measure the impact of localised COVID-19 lockdowns.

We have created this dataset for all UK sub-national regions, 28 EU Countries and Switzerland.

Detailed annual statistics on trade in services including transport, travel, insurance and pensions, financial, telecommunication and computer, cultural and recreational, and government.

The statistic shows the growth rate in the real GDP in the United Kingdom from 2020 to 2024, with projections up until 2030. In 2024, the rate of GDP growth in the United Kingdom was at around 1.1 percent compared to the previous year.The economy of the United KingdomGDP is used an indicator as to the shape of a national economy. It is one of the most regularly called upon measurements regarding the economic fitness of a country. GDP is the total market value of all final goods and services that have been produced in a country within a given period of time, usually a year. Inflation adjusted real GDP figures serve as an even more telling indication of a country’s economic state in that they act as a more reliable and clear tool as to a nation’s economic health. The gross domestic product (GDP) growth rate in the United Kingdom has started to level in recent years after taking a huge body blow in the financial collapse of 2008. The UK managed to rise from the state of dark desperation it was in between 2009 and 2010, from -3.97 to 1.8 percent. The country suffered acutely from the collapse of the banking industry, raising a number of questions within the UK with regards to the country’s heavy reliance on revenues coming from London's financial sector, arguably the most important in the world and one of the globe’s financial command centers. Since the collapse of the post-war consensus and the rise of Thatcherism, the United Kingdom has been swept along in a wave of individualism - collective ideals have been abandoned and the mass privatisation of the heavy industries was unveiled - opening them up to market competition and shifting the economic focus to that of service.The Big Bang policy, one of the cornerstones of the Thatcher government programs of reform, involved mass and sudden deregulation of financial markets. This led to huge changes in the way the financial markets in London work, and saw the many old firms being absorbed by big banks. This, one could argue, strengthened the UK financial sector greatly and while frivolous and dangerous practices brought the sector into great disrepute, the city of London alone brings in around one fifth of the countries national income making it a very prominent contributor to wealth in the UK.

Quarterly transactions in trade in goods and services, primary, secondary and investment income, transactions with EU and non-EU countries and capital account.

United Kingdom GDP: 2016p: sa: HCE: Domestic: Misc: Financial Services (FS) data was reported at 15,251.000 GBP mn in Jun 2018. This records an increase from the previous number of 14,982.000 GBP mn for Mar 2018. United Kingdom GDP: 2016p: sa: HCE: Domestic: Misc: Financial Services (FS) data is updated quarterly, averaging 8,453.500 GBP mn from Mar 1985 (Median) to Jun 2018, with 134 observations. The data reached an all-time high of 15,251.000 GBP mn in Jun 2018 and a record low of 2,007.000 GBP mn in Mar 1985. United Kingdom GDP: 2016p: sa: HCE: Domestic: Misc: Financial Services (FS) data remains active status in CEIC and is reported by Office for National Statistics. The data is categorized under Global Database’s United Kingdom – Table UK.A014: ESA 2010: GDP: Household Consumption Expenditure: Chain Linked: 2016 Prices: Seasonally Adjusted.

505 Economics is on a mission to make academic economics accessible. We've developed the first monthly sub-national GDP data for EU and UK regions from January 2015 onwards.

Our GDP dataset uses luminosity as a proxy for GDP. The brighter a place, the more economic activity that place tends to have.

We produce the data using high-resolution night time satellite imagery and Artificial Intelligence.

This builds on our academic research at the London School of Economics, and we're producing the dataset in collaboration with the European Space Agency BIC UK.

We have published peer-reviewed academic articles on the usage of luminosity as an accurate proxy for GDP.

Key features:

• Granular: Data is provided at the following geographical units:
  • NUTS3 (e.g. Barcelona),
  • NUTS2 (e.g. Cataluna),
  • NUTS1 (e.g. Este), and
  • NUTS0 (e.g. Spain) levels.
• Frequent: Data is provided every month from January 2015. This is more frequent than the annualised official datasets.
• Timely: Data is provided with a one month lag (i.e. the data for January 2021 was published at the end of February 2021). This is substantially quicker than the 18 month lag of official datasets.
• Accurate: Our dataset uses Deep Learning to maximise accuracy (RMSE 1.2%).

The dataset can be used by:

• Governments and policy makers - to monitor the performance of local economies, to measure the localised impact of policies, and to get a real-time indication of economic activity.
• Financial services - to get an indication of national-level GDP before official GDP statistics are released
• Engineering companies - to monitor and evaluate the localised impact of infrastructure projects
• Consultancies - to forecast the localised impact of specific projects, to retrospectively monitor and evaluate the localised impact of existing projects
• Economics firms - to create macro forecasts at the national and sub-national level, to assess the impact of policy interventions.
• Academia / Think Tanks - to conduct novel research at the local level. E.g. our dataset can be used to measure the impact of localised COVID-19 lockdowns.

We have created this dataset for all UK sub-national regions, 28 EU Countries and Switzerland.

Quarterly data from the Financial Services Survey (FSS 266) return of assets and liabilities, including derivatives. These are Experimental Statistics.

505 Economics is on a mission to make academic economics accessible. We've developed the first monthly sub-national GDP data for EU and UK regions from January 2015 onwards.

Our GDP dataset uses luminosity as a proxy for GDP. The brighter a place, the more economic activity that place tends to have.

We produce the data using high-resolution night time satellite imagery and Artificial Intelligence.

This builds on our academic research at the London School of Economics, and we're producing the dataset in collaboration with the European Space Agency BIC UK.

We have published peer-reviewed academic articles on the usage of luminosity as an accurate proxy for GDP.

Key features: - Frequent: Data is provided every month from January 2015. This is more frequent than quarterly official datasets. - Timely: Data is provided with a three week lag (i.e. the data for January 2021 was published at the end of February 2021). This is substantially quicker than the 3-6 month lag of official datasets. - Accurate: Our dataset uses Deep Learning to maximise accuracy (RMSE 1.2%).

The dataset can be used by:

• Financial services - to get an indication of national-level GDP before official GDP statistics are released
• Governments and policy makers - to monitor the performance of economies, to measure the impact of policies, and to get a real-time indication of economic activity.
• Engineering companies - to monitor and evaluate the national impact of infrastructure projects
• Consultancies - to forecast the national impact of specific projects, to retrospectively monitor and evaluate the localised impact of existing projects
• Economics firms - to create macro forecasts at the national, to assess the impact of policy interventions.
• Academia / Think Tanks - to conduct novel research with more-frequent GDP data than is available from official sources. E.g. our dataset can be used to measure the impact of localised COVID-19 lockdowns.

We have created this dataset for the UK, Switzerland and 28 EU Countries.

Balance sheet statistics for other financial institutions (OFIs). OFIs is the second-largest UK financial grouping by assets, after banking. These are official statistics in development.

The high uptake in funds received by SMEs heavily supported factoring companies leading up to the pandemic. However, after COVID-19 struck, the government's heavy backing of conventional lending hit demand for factoring companies; that's not to say the government doesn't support factoring, since the British Business Banks provide guarantees to cover a portion of credit losses for designated lending portfolios. Over the five years through 2024-25, factoring companies' revenue is forecast to grow at a compound annual rate of just 3.5% to £4 billion. The economy's recovery from the COVID-19 outbreak was dented by harsh inflationary pressures in 2022-23, with high interest rates making lending more expensive. However, this has also ratcheted up discount rates, which are fees factor companies charge clients, supporting revenue growth. The tough economic conditions in the two years through 2023-24 amid geopolitical tensions and muted economic growth also resulted in many businesses looking for liquidity and turning to factor companies. Although economic conditions are set to improve in 2024-25, limiting the number of companies looking for short-term finances, a growing economy will also incentivise businesses to expand and invest in working capital, lifting demand for financing and contributing to revenue growth in 2024-25. Interest rates will also remain high by historical standards despite an expected drop later in the year, making traditional lending more expensive and factoring all the more attractive. Over the five years through 2029-30, factoring companies' revenue is forecast to grow at a compound annual rate of 6% to £5.3 billion. As business sentiment recovers and interest rates steady out, factoring companies will experience healthy demand, supporting invoice amounts and driving revenue growth. However, improving cash flow conditions will dent revenue growth as more businesses no longer seek short-term financing like factoring. Competition from alternative lending sources like P2P lending and crowdfunding will remain fierce. Factoring companies will also face an increasingly tough regulatory environment, raising costs and weighing profitability.

Trends in publicly funded adult social care inputs, quantity and quality of output, and productivity in England, between financial year ending 1997 and financial year ending 2023.

This statistic presents the importance of businesses in the financial services sector investing in the United Kingdom (UK) economy, according to British adults in 2014. More than one fourth of respondents (27 percent) reported that investing in the UK economy was, to them, an important characteristic when engaging a financial business.

United Kingdom UK: Market Capitalization: Listed Domestic Companies: % of GDP data was reported at 64.629 % in 2008. This records a decrease from the previous number of 125.114 % for 2007. United Kingdom UK: Market Capitalization: Listed Domestic Companies: % of GDP data is updated yearly, averaging 87.239 % from Dec 1975 (Median) to 2008, with 34 observations. The data reached an all-time high of 177.400 % in 1999 and a record low of 6.368 % in 1980. United Kingdom UK: Market Capitalization: Listed Domestic Companies: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Kingdom – Table UK.World Bank.WDI: Financial Sector. Market capitalization (also known as market value) is the share price times the number of shares outstanding (including their several classes) for listed domestic companies. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies are excluded. Data are end of year values.; ; World Federation of Exchanges database.; Weighted average; Stock market data were previously sourced from Standard & Poor's until they discontinued their 'Global Stock Markets Factbook' and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.