Discover the resilience of the UK financial services sector as it achieves a record high in jobs, defying doubts and showcasing its enduring strength. Explore the sector’s growth, its global significance, and the strategic efforts driving its success.
READ THIS: Wilko Job Losses Loom as Rescue Bid Deadline Passes
The UK financial services sector has achieved a historic milestone, contradicting previous pessimism and underscoring its significance. According to City minister Andrew Griffith, this accomplishment showcases the sector as a “jewel in Britain’s crown” that defies naysayers. Recent Office for National Statistics (ONS) data revealed that the number of jobs in financial and insurance activities reached 1.235 million in the first quarter of the year, marking an increase of 34,000 jobs from the end of 2022.
This figure surpasses the previous peak of 1.209 million jobs recorded in 2008 and stands as the highest count since the commencement of comparable ONS records in 1978. This growth comes despite concerns about the City’s future following Brexit and recent debates about the loss of companies like Arm to New York. Remarkably, the UK remains robust compared to its European counterparts. Data from June shows London-listed firms boasting a total market value of £4.7 trillion, outstripping Paris’ £3 trillion.
In the aftermath of the pandemic, the UK has witnessed a job increase of 119,000 in the financial sector since the third quarter of 2020. Demonstrating its global allure, the UK garnered attention when US venture capital giant Andreessen Horowitz announced plans to establish its inaugural international office in the country.
Andrew Griffith emphasized that the UK’s vision of becoming the world’s most open, innovative, and competitive financial center is yielding results. He noted that Brexit has been leveraged to unlock substantial investments through legislation, adding that the financial services industry remains an unparalleled asset for the nation.
Recent months have seen concentrated efforts to rejuvenate the City’s role as a financial hub. Adjustments to listing regulations and government rule changes to release more of the trillions held by UK pension and insurance companies are part of this initiative. Figures from the City of London reveal that the financial services sector contributed £193 billion in economic output in 2022.
After reading ‘UK Financial Services Sector Defies Doubts: Achieves Record High in Jobs’ please read below articles.
Read More:
- Business Closures: Your Complete Guide to Shopping Rights and Protection
- Uncovering the Contentious Property Transaction: Wilko’s £40 Million Loss and Scrutiny of Management Decisions
- Critical Shortcomings in Energy Bill Support Scheme: 80% of Eligible Homes Miss Aid, £300M Remains Untapped
- Anticipated Energy Price Cap: Potential £150 Annual Savings with Caution and Complexity