 contribution of financial service to economy contribution of financial service to economy barsha lun 27092021 1728 the uk is situated in the center of the worldwide financial community having worldclass manpower infrastructure and knowledge the financial service sector plays a critical part in the economy functioning of a country 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 economic output in 2019 1319 billion has been contributed to the uk economy by financial services accounting for 69 of total output it was ranked as the eighth largest industry when compared with the total economic output this industry has contributed 63 to the uk economy in 2019 dropping from an alltime high of 84 in 2009 employment in financial services in the uk the financial service sector provided 11 million jobs which are 32 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 trade in financial services in 2019 the financial service trade surplus of the uk was 411 billion which was almost similar to the subsequent two largest exporters ie switzerland and the united states together highlighting the competitive positioning of the uk in the international financial market likewise the united kingdom holds the largest proportion of trading in several other international financial sectors including crossborder bank loans international insurance and foreign exchange trading financial services exports totaled 592 billion in 2019 whereas imports totaled 181 billion giving 411 billion of trade surplus financial services accounted for 19 of all exports and 8 of all imports in the united kingdom tax in financial services forecasts of the financial 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 the financial sector paid 755 billion for the taxes accounting for over 11 of the total tax collected by the government covid19 s effects on the financial services like all other sectors the financial service sector has also been disrupted by covid19 since employees can work remotely the financial service sector is seen to be more immune to the financial consequences of covid19 than other sectors in april 2020 when the crisis was at its worst 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 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 economic output in 2019 1319 billion has been contributed to the uk economy by financial services accounting for 69 of total output it was ranked as the eighth largest industry when compared with the total economic output this industry has contributed 63 to the uk economy in 2019 dropping from an alltime high of 84 in 2009 employment in financial services in the uk the financial service sector provided 11 million jobs which are 32 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 trade in financial services in 2019 the financial service trade surplus of the uk was 411 billion which was almost similar to the subsequent two largest exporters ie switzerland and the united states together highlighting the competitive positioning of the uk in the international financial market likewise the united kingdom holds the largest proportion of trading in several other international financial sectors including crossborder bank loans international insurance and foreign exchange trading financial services exports totaled 592 billion in 2019 whereas imports totaled 181 billion giving 411 billion of trade surplus financial services accounted for 19 of all exports and 8 of all imports in the united kingdom tax in financial services forecasts of the financial 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 the financial sector paid 755 billion for the taxes accounting for over 11 of the total tax collected by the government covid19 s effects on the financial services like all other sectors the financial service sector has also been disrupted by covid19 since employees can work remotely the financial service sector is seen to be more immune to the financial consequences of covid19 than other sectors in april 2020 when the crisis was at its worst 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 the uk is situated in the center of the worldwide financial community having worldclass manpower infrastructure and knowledge the financial service sector plays a critical part in the economy functioning of a country  