City workers contribute same as Scotland in taxes
New research has shown that City workers pay £11bn a year in taxes, the same as the entire population of Scotland
CITY WORKERS PAY the same amount in taxes as the entire population of Scotland, new research has suggested.
The data, collected by Ambition recruitment consultants, shows that staff in the Square Mile paid £11bn in income tax and National Insurance, the same as paid by the entire Scottish workforce.
This contribution made up 7% of the total income tax and National Insurance take of the entire UK, the consultants said.
Simon Lynch, managing director of Ambition UK, said: “The City has received a torrent of abuse over the last three years but it’s time people woke up to how valuable a contribution its workers make to the public purse.
“Not everyone in the Square Mile works in a bank or walks away with a multi-million pound bonus.”