The Framework for Growth and UK Financial Services
In conjunction with the Department for Business and Trade, PwC conducted a number of sector roundtables on the government's Industrial Strategy and PwC’s Framework for Growth research. Following this research, PwC launched The Framework for Growth and UK Financial Services.
Financial services and related professional services is one of the UK’s most economically important sectors contributing £243.7bn (12% of the total) to UK real Gross Value Added in 2023 and 2.4 million jobs in 2022. Analysis prepared by PwC for the City of London Corporation in 2024 shows that financial services contributed £110.2bn to the public purse in 2023. This is 12.3% of total UK tax receipts.
Financial services play a unique role in channelling investment into other sectors through lending, capital markets activity and investment in UK assets. As such any successful industrial strategy will need to put financial services at its heart, to support one of the UK’s most dynamic and productive sectors, and its role in providing the vital financing needed to grow the rest of the economy.
