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The sector contributed a gross value of £86 billion to the UK economy in 2004. [3] The industry employed around 1.2 million people in the third quarter of 2012 (around 4% of the British workforce). The estimated amount of total taxes paid by the Financial Services Sector in the year to 31 March 2012 is £63bn, 11.6% of the total UK government ...
Over the past 40 years (to 2014) the banking system in the UK experienced a 'dramatic shift' with total assets increasing from 100% of GDP to 450%, and it is 'plausible that the UK banking system will continue to grow rapidly', owing to its probable 'comparative advantage' in international banking services, with the pre-eminence of London as a ...
The UK’s banking sector contributed more taxes to the Government in the last financial year as concerns over the UK’s future competitiveness grow, according to a new report.
The Independent Commission on Banking was a United Kingdom government inquiry looking at structural and related non-structural reforms to the UK banking sector to promote financial stability and competition in the wake of the financial crisis of 2007–08. It was established in June 2010 and produced its final report and recommendations in ...
UK Finance is a British trade association for the UK banking and financial services sector that was formed on 1 July 2017. [1] It represents over 300 firms in the UK providing credit, banking, markets and payment-related services.
The UK Infrastructure Bank Act stipulates that the bank must publicly publish annual reports, and present them to parliament. [17] The UK Infrastructure Bank Act received royal assent in 2023. [17] [18] In January of that year, a Public Accounts Committee released a report analysing the bank's performance after its first 18 months in operation ...
In June 2013, the Financial Conduct Authority was criticised by the Parliamentary Commission on Banking Standards in their report "Changing Banking for Good", which stated: The interest rate swap scandal has cost small businesses dear. Many had no concept of the instrument they were being pressured to buy.
The British Bankers' Association (BBA) was a trade association for the UK banking and financial services sector. From 1 July 2017, it was merged into UK Finance.. It represented members from a wide range of banking and financial services.