E&Y: financial services sector provides 30% of UK jobs
Big Four firm's ITEM Club says the financial services sector now employs nearly 30% of the British workforce, but warns against regulatory creep
Big Four firm's ITEM Club says the financial services sector now employs nearly 30% of the British workforce, but warns against regulatory creep
Financial services providers now employ nearly 30% of the British workforce,
an ITEM Club report has revealed.
The report
by Ernst
&
Young‘s ITEM
Club found that financial services sector was for the first time leaving
Britain’s ailing manufacturing sector in its wake.
The ITEM club’s chief economic adviser Peter Spencer said: ‘Output in the
service sector has risen by over 3% a year on average since 1997, which is a
remarkable achievement. Over half of the new jobs in the last decade have been
in financial and business services, and the sector now employs nearly 30% of the
workforce compared with 14% in 1980. That will only increase in the coming
decades.’
Spencer called for sustained efforts in fostering UK talent: ‘We need to
continue to invest in the skills and training of our workforce to make sure that
the UK remains competitive and we need to ensure that our sometimes ageing
infrastructure is improved. More immediately government also needs to remain
vigilant to any hint of regulatory creep driving business out of the City.’
Further reading:
ITEM club in dire economic warning
ITEM Club warns of disappointment for
chancellor
ITEM club lifts economic predictions
The numbers you crunch tell a story. Your expertis...
17yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThere is optimism that the IPO market will rebound in the second half of 2024, driven by pent-up demand and potential improvements in economic conditi...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleKPMG confirms reappointment of it's UK chair, while EY announces Janet Truncale as the next EY global chair and CEO Read More...
View articleThe ICAEW has announced the appointment of its forthcoming chief executive Read More...
View article