The UK is known as one of the world’s largest financial centres, with London being the second largest financial centre in the world after New York. The financial services industry contributes significantly to the UK economy, including banking, insurance and business financial services. The UK is also renowned for its world-class universities specialising in finance and banking.
Details:
Leading financial centre:
The UK has the world’s leading financial services export network.
Contribution to GDP:
The financial services industry contributes significantly to the UK’s GDP, accounting for around 10% of the UK Treasury’s total tax revenue.
Workforce:
The financial sector is highly paid and is considered one of the most labour-hungry sectors.
Major financial centres:
The UK has major financial centres such as London.
Major financial companies:
Scotland is home to some of the world’s largest financial and accounting companies such as RBS, Barclays, J.P. Morgan, E&Y, HSBC, Blackrock, Lloyds Banking Groups, Virgin Money.
Social security system:
The UK has a strong and effective social security system.
Laws and regulations:
The Financial Conduct Authority (FCA) is responsible for regulating financial services companies and the financial markets in the UK.
Development of the financial industry:
The UK’s financial industry has undergone change and development since leaving the European Union.
Financial education:
The UK is considered to have one of the best finance and accounting education programs in the world