Finance and banking sector remains a major employer in the UK despite the tens of thousands of job losses in 2009-11. The total number of people employed in the industry was one million between the two years 2010-2012. Biz-find estimates that revenues from employment taxes to March 2009 were £26.4bn, an increase of 2.6pc from 2007 and an average of £25,095 for every employee.
The financial services industry constitutes the largest group of companies in the world in terms of earnings and equity market capitalization. However it is not the largest category in terms of revenue or number of employees. It is also a slow growing and extremely fragmented industry.
Let’s hope the UK government can control ridiculous bonuses and unregulated dealings and not have to bail them out again anytime soon! Ed