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Impact of the coronavirus (Covid-19) outbreak

Like all industries in the UK, the financial services sector is being affected by the coronavirus pandemic. The Library has published information about the support available to businesses which have been affected by the virus. The Library also has a list of publications and resources about coronavirus in general.

In 2018, the financial services sector contributed £132 billion to the UK economy, 6.9% of total economic output. The sector was largest in London, where 49% of the sector’s output was generated.

Financial services output

The UK financial services sector was the seventh largest in the OECD in 2018 by its proportion of national economic output. Luxembourg’s financial service sector was the largest in the OECD, contributing 26% of the country’s economic output.

There were 1.1 million financial services jobs in the UK, 3.1% of all jobs.

Financial services jobs

Exports of UK financial services were worth £60 billion in 2017 and imports were worth
£15 billion, so there was a surplus in financial services trade of £44 billion.

43% of financial services exports went to the EU and 34% of financial services imports came from the EU.

The sector contributed £29 billion in tax in the UK in 2017/18.

For more information on the impact of Brexit on the financial services sector, please see the following Library briefing: Brexit and financial services.

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