Evidence the UK's financial services sector is the powerhouse of the country's economy was outlined in a new report on Tuesday.
Commissioned by the City of London Corporation and the industry group, TheCityUK, the report by PwC shows that Britain's financial services companies and related professions paid a record £110.2 billion in tax last year, enough to cover the government's entire annual education budget.
The figure represents 12.3 per cent of the total tax receipts received by the government and is the equivalent to approximately £1,643 per person in the UK.
According to PwC's figures, the financial services sector alone contributed about £79.3 billion and the related professional services sector added another £30.9 billion, record figures for both sectors.
“These latest figures showcase, once again, how the UK financial and professional services sector is an engine for growth,” said Chris Hayward, policy chairman at the City of London Corporation.
“It’s vital that we continue to support the sector. The UK needs a robust and interconnected financial and professional services strategy that will bring public and private sectors together to enact a bold global ambition, provide clarity to business and drive economic growth across the UK.”
'Focus on where we excel'
The largest slice of the total came from employment taxes, which fed £55.1 billion, or 14 per cent of all employment taxes, into the Treasury's coffers in the 2022/2023 financial year.
The average tax paid per employee in the industry was estimated to be around £30,500, nearly triple the national average of £11,866.
“It is critical that the government prioritises creating a tax environment that is stable, predictable, and competitive to maintain and strengthen the UK’s position as a world-class destination for investment and business growth,” said Miles Celic, chief executive at TheCityUK.
On the corporation tax side, the financial services sector paid £18.4 billion, while the related professional legal, accounting, technical and management consultancy firms ploughed another £6 billion into the government's tax treasure chest.
Mr Hayward said that the numbers not only point to the enormous strength of the UK's financial services sector but also to its status in global trade terms.
“The UK is the second largest services exporter in the world, so let’s focus on where we excel,” he said.
“Creating a global network of agreements focused on data, digital and professional qualifications will spur trade and spur economic growth.”
Results:
5pm: Conditions (PA) Dh80,000 1,400m | Winner: AF Tahoonah, Richard Mullen (jockey), Ernst Oertel (trainer)
5.30pm: Handicap (TB) Dh90,000 1,400m | Winner: Ajwad, Gerald Avranche, Rashed Bouresly
6pm: Maiden (PA) Dh80,000 1,600m | Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinel
6.30pm: Handicap (PA) Dh80,000 1,600m | Winner: Duc De Faust, Szczepan Mazur, Younis Al Kalbani
7pm: Wathba Stallions Cup (PA) Dh70,000 2,200m | Winner: Shareef KB, Fabrice Veron, Ernst Oertel
7.30pm: Handicap (PA) Dh90,000 1,500m | Winner: Bainoona, Pat Cosgrave, Eric Lemartinel
Stree
Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5
The Programme
Saturday, October 26: ‘The Time That Remains’ (2009) by Elia Suleiman
Saturday, November 2: ‘Beginners’ (2010) by Mike Mills
Saturday, November 16: ‘Finding Vivian Maier’ (2013) by John Maloof and Charlie Siskel
Tuesday, November 26: ‘All the President’s Men’ (1976) by Alan J Pakula
Saturday, December 7: ‘Timbuktu’ (2014) by Abderrahmane Sissako
Saturday, December 21: ‘Rams’ (2015) by Grimur Hakonarson
From exhibitions to the battlefield
In 2016, the Shaded Dome was awarded with the 'De Vernufteling' people's choice award, an annual prize by the Dutch Association of Consulting Engineers and the Royal Netherlands Society of Engineers for the most innovative project by a Dutch engineering firm.
It was assigned by the Dutch Ministry of Defence to modify the Shaded Dome to make it suitable for ballistic protection. Royal HaskoningDHV, one of the companies which designed the dome, is an independent international engineering and project management consultancy, leading the way in sustainable development and innovation.
It is driving positive change through innovation and technology, helping use resources more efficiently.
It aims to minimise the impact on the environment by leading by example in its projects in sustainable development and innovation, to become part of the solution to a more sustainable society now and into the future.
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%3Cp%3EHigh%20fever%20(40%C2%B0C%2F104%C2%B0F)%3Cbr%3ESevere%20headache%3Cbr%3EPain%20behind%20the%20eyes%3Cbr%3EMuscle%20and%20joint%20pains%3Cbr%3ENausea%3Cbr%3EVomiting%3Cbr%3ESwollen%20glands%3Cbr%3ERash%26nbsp%3B%3C%2Fp%3E%0A
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
RIVER%20SPIRIT
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
EXPATS
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COMPANY%20PROFILE
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