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<article data-history-node-id="45" role="article" about="/economy/contribution-financial-service-economy-uk" class="node node--type-economy node--view-mode-full clearfix">
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            <div class="clearfix text-formatted field field--name-field-paragraphe-left-economy field--type-text-long field--label-hidden field__item"><p style="text-align:justify"><span style="font-size:10.5pt"><span style="line-height:normal"><span style="font-family:&quot;Libre Franklin&quot;"><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="color:black">The U.K is situated in the center of the worldwide financial community, having world-class manpower, infrastructure, and knowledge. The financial service sector plays a critical part in the economy functioning of a country. </span></span></span></span></span></span></p>
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            <div class="clearfix text-formatted field field--name-field-paragraphe-economy-1 field--type-text-long field--label-hidden field__item"><p class="text-align-justify"><span style="font-size:10.5pt"><span style="line-height:normal"><span style="font-family:&quot;Libre Franklin&quot;"><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="color:black">Financial service encompasses a wide variety of operations including banking, insurance and investing. It acts as a conduit between borrowers and savers. Financial services industry assists people and corporations, and provides guidance on how they can maximize their money.</span></span></span></span></span></span></p>

<p class="text-align-justify"><span style="font-size:10.5pt"><span style="line-height:normal"><span style="font-family:&quot;Libre Franklin&quot;"><b><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="color:black">Economic Output</span></span></span></b></span></span></span></p>

<p class="text-align-justify"><span style="font-size:10.5pt"><span style="line-height:normal"><span style="font-family:&quot;Libre Franklin&quot;"><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="color:black">In 2019, £131.9 billion has been contributed to the UK economy by financial services, accounting for 6.9% of total output. It was ranked as the eighth largest industry when compared with the total economic output. This industry has contributed 6.3% to the UK economy in 2019, dropping from an all-time high of 8.4% in 2009.</span></span></span></span></span></span></p>

<p class="text-align-justify"><span style="font-size:10.5pt"><span style="line-height:normal"><span style="font-family:&quot;Libre Franklin&quot;"><b><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="color:black">Employment in financial services</span></span></span></b></span></span></span></p>

<p class="text-align-justify"><span style="font-size:10.5pt"><span style="line-height:normal"><span style="font-family:&quot;Libre Franklin&quot;"><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="color:black">In the UK, </span></span></span><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif">the financial<span style="color:black"> service sector </span>provided<span style="color:black"> 1.1 million jobs which are 3.2% of total jobs. The employment within the sectors has been relatively stable for the last several years, but has seen to be decreasing by a percent since 1990’s; however, the overall economy has risen through other jobs.</span></span></span></span></span></span></p>

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            <div class="clearfix text-formatted field field--name-field-paragraphe-economy-2 field--type-text-long field--label-hidden field__item"><p style="text-align:justify"><span style="font-size:10.5pt"><span style="line-height:normal"><span style="font-family:&quot;Libre Franklin&quot;"><b><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="color:black">Trade in financial services</span></span></span></b></span></span></span></p>

<p style="text-align:justify"><span style="font-size:10.5pt"><span style="line-height:normal"><span style="font-family:&quot;Libre Franklin&quot;"><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="color:black">In 2019, the financial service trade surplus of the UK was 41.1 billion which was almost similar to the subsequent two largest exporters i.e., Switzerland and the United States, together, highlighting the competitive positioning of the UK </span></span></span><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif">in the international<span style="color:black"> financial market. Likewise, the United Kingdom </span>holds the largest<span style="color:black"> proportion of trading in several other international financial sectors including, cross-border bank loans, international insurance and foreign exchange trading.</span></span></span></span></span></span></p>

<p style="text-align:justify"><span style="font-size:10.5pt"><span style="line-height:normal"><span style="font-family:&quot;Libre Franklin&quot;"><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="color:black">Financial services exports totaled £59.2 billion in 2019, whereas imports totaled £18.1 billion, giving £41.1 billion of trade surplus. Financial services accounted for 19% of all exports and 8% of all imports in the United Kingdom.</span></span></span></span></span></span></p>

<p style="text-align:justify"><span style="font-size:10.5pt"><span style="line-height:normal"><span style="font-family:&quot;Libre Franklin&quot;"><b><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="color:black">Tax in Financial Services</span></span></span></b></span></span></span></p>

<p style="text-align:justify"><span style="font-size:10.5pt"><span style="line-height:normal"><span style="font-family:&quot;Libre Franklin&quot;"><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="color:black">Forecasts </span></span></span><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif">of the financial<span style="color:black"> sector’s corporation taxes are published by the City of London Corporation. All the figures are approximated on the basis of PricewaterhouseCoopers (PwC) study. And according to this research, in 2019, </span>the financial<span style="color:black"> sector paid 75.5 billion for the taxes, accounting for over 11% of the total tax collected by the government. </span></span></span></span></span></span></p>

<p style="text-align:justify"><span style="font-size:10.5pt"><span style="line-height:normal"><span style="font-family:&quot;Libre Franklin&quot;"><b><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="color:black">Covid-19's effects on the financial services</span></span></span></b></span></span></span></p>

<p style="text-align:justify"><span style="font-size:10.5pt"><span style="line-height:normal"><span style="font-family:&quot;Libre Franklin&quot;"><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="color:black">Like all other sectors, </span></span></span><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif">the financial<span style="color:black"> service sector has also been disrupted by Covid-19. Since, employees can work remotely; the financial service sector is seen to be more immune to the financial </span>consequences<span style="color:black"> of COVID-19 than other sectors. </span></span></span></span></span></span></p>

<p style="text-align:justify"><span style="font-size:10.5pt"><span style="line-height:normal"><span style="font-family:&quot;Libre Franklin&quot;"><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="color:black">In April 2020, when the crisis was at its </span></span></span><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif">worst<span style="color:black">, the output generated by the financial service was 5% lower than it had been before the pandemic. Output was seen to be lowered by 3% in November 2020 compared to that of February.</span></span></span></span></span></span></p>
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