BusinessCompany NewsE&Y: financial services sector provides 30% of UK jobs

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

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

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