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 UK: GDP: % of GDP: Gross Value Added: Services data was reported at 70.068 % in 2017. This records a decrease from the previous number of 70.604 % for 2016. United Kingdom UK: GDP: % of GDP: Gross Value Added: Services data is updated yearly, averaging 69.501 % from Dec 1990 (Median) to 2017, with 28 observations. The data reached an all-time high of 72.469 % in 2009 and a record low of 64.438 % in 1995. United Kingdom UK: GDP: % of GDP: Gross Value Added: 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. Services correspond to ISIC divisions 50-99 and they include value added in wholesale and retail trade (including hotels and restaurants), transport, and government, financial, professional, and personal services such as education, health care, and real estate services. Also included are imputed bank service charges, import duties, and any statistical discrepancies noted by national compilers as well as discrepancies arising from rescaling. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The industrial origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3 or 4.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

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.

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.

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;

Actual value and historical data chart for United Kingdom Domestic Credit Provided By Banking Sector Percent Of GDP

United Kingdom UK: Domestic Credit: to Private Sector: % of GDP data was reported at 136.203 % in 2017. This records an increase from the previous number of 134.256 % for 2016. United Kingdom UK: Domestic Credit: to Private Sector: % of GDP data is updated yearly, averaging 94.784 % from Dec 1960 (Median) to 2017, with 58 observations. The data reached an all-time high of 194.862 % in 2009 and a record low of 17.556 % in 1960. United Kingdom UK: Domestic Credit: to Private Sector: % 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: Bank Loans. Domestic credit to private sector refers to financial resources provided to the private sector by financial corporations, such as through loans, purchases of nonequity securities, and trade credits and other accounts receivable, that establish a claim for repayment. For some countries these claims include credit to public enterprises. The financial corporations include monetary authorities and deposit money banks, as well as other financial corporations where data are available (including corporations that do not accept transferable deposits but do incur such liabilities as time and savings deposits). Examples of other financial corporations are finance and leasing companies, money lenders, insurance corporations, pension funds, and foreign exchange companies.; ; International Monetary Fund, International Financial Statistics and data files, and World Bank and OECD GDP estimates.; Weighted average;

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.

GDP from Services in the United Kingdom increased to 515505 GBP Million in the third quarter of 2025 from 514541 GBP Million in the second quarter of 2025. This dataset provides - United Kingdom Gdp From Services- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Graph and download economic data for Total Credit to Private Non-Financial Sector, Adjusted for Breaks, for United Kingdom (QGBPAM770A) from Q1 1963 to Q1 2025 about adjusted, credits, nonfinancial, United Kingdom, sector, and private.

Graph and download economic data for Total Credit to Non-Financial Sector, Adjusted for Breaks, for United Kingdom (QGBCAM770A) from Q1 1966 to Q1 2025 about adjusted, credits, nonfinancial, United Kingdom, and sector.

In 2024, agriculture contributed around 0.56 percent to the United Kingdom’s GDP, 16.74 percent came from the manufacturing industry, and 72.79 percent from the services sector. The UK is not a farmer’s marketThe vast majority of the UK’s GDP is generated by the services sector, and tourism in particular keeps the economy going. In 2017, almost 214 billion British Pounds were contributed to the GDP through travel and tourism – about 277 billion U.S. dollars – and the forecasts see an upwards trend. For comparison, only an estimated 10.3 billion GBP were generated by the agriculture sector in the same year. But is it a tourist’s destination still? Though forecasts are not in yet, it is unclear whether travel and tourism can keep the UK’s economy afloat in the future, especially after Brexit and all its consequences. Higher travel costs, having to wait for visas, and overall more complicated travel arrangements are just some of the concerns tourists have when considering vacationing in the UK after Brexit. Consequences of the referendum are already observable in the domestic travel industry: In 2017, about 37 percent of British travelers said Brexit caused them to cut their holidays short by a few days, and about 14 percent said they did not leave the UK for their holidays because of it.

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.

United Kingdom UK: GDP: Growth: Gross Value Added: Services data was reported at 1.516 % in 2017. This records a decrease from the previous number of 1.846 % for 2016. United Kingdom UK: GDP: Growth: Gross Value Added: Services data is updated yearly, averaging 2.632 % from Dec 1991 (Median) to 2017, with 27 observations. The data reached an all-time high of 4.829 % in 1997 and a record low of -2.785 % in 2009. United Kingdom UK: GDP: Growth: Gross Value Added: Services 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: Gross Domestic Product: Annual Growth Rate. Annual growth rate for value added in services based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. Services correspond to ISIC divisions 50-99. They include value added in wholesale and retail trade (including hotels and restaurants), transport, and government, financial, professional, and personal services such as education, health care, and real estate services. Also included are imputed bank service charges, import duties, and any statistical discrepancies noted by national compilers as well as discrepancies arising from rescaling. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The industrial origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3 or 4.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

Graph and download economic data for National Accounts: GDP by Expenditure: Constant Prices: Less: Imports of Goods and Services for United Kingdom (NAEXKP07GBA659S) from 1956 to 2024 about United Kingdom, imports, goods, services, real, and GDP.

Graph and download economic data for National Accounts: GDP by Expenditure: Constant Prices: Less: Imports of Goods and Services for United Kingdom (NAEXKP07GBA661S) from 1960 to 2022 about United Kingdom, imports, goods, services, real, and GDP.

Graph and download economic data for National Accounts: GDP by Expenditure: Constant Prices: Exports of Goods and Services for United Kingdom (NAEXKP06GBQ659S) from Q1 1956 to Q3 2025 about United Kingdom, exports, goods, services, real, and GDP.

The total assets of the banking industry as a share of gross domestic product (GDP) in the United Kingdom fluctuated notably between 2002 and 2023, averaging around *** percent. In 2023, assets held at banks amounted to ****** percent of the total GDP, a significant decrease compared to the previous year. The value of total assets in the banking sector also slightly declined in 2023, reaching ***** trillion U.S. dollars.