The Role of Banking and Finance in Driving Economic Growth

The banking and finance sector in the United Kingdom plays a vital role in the economy, contributing more than 8% to the nation’s GDP and providing employment to over a million individuals in highly productive and well-compensated positions. It is noteworthy that more than half of these jobs are situated outside of London and the South East. Furthermore, this industry generates tens of billions of pounds in tax revenues on an annual basis.

In addition to its economic significance, the banking and finance sector also drives the overall economy by facilitating cash flow management for family-owned businesses, offering funding for innovative start-ups, and assisting countless individuals in achieving homeownership.

In light of the shared objective among politicians to achieve sustainable and inclusive economic growth, this paper identifies four key areas with the potential to unlock billions of pounds in new investments, bolster the UK’s international competitiveness, and expand access to finance for both individuals and businesses.

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References:
– UK Finance: https://www.ukfinance.org.uk/