Financial services in the United Kingdom

The financial services industry in the United Kingdom comprises banks, building societies, insurers, asset managers and other firms that provide payment, savings, credit, investment and risk management products and support to households, businesses and governments.

In 2023, financial and insurance services contributed about £208.2 billion to the UK economy, around 8.8% of total economic output, making the sector one of the country's largest measured by gross value added. When related professional services are included, the wider industry contributed an estimated £275 billion in gross value added in 2022 and employed almost 2.5 million people, about one in every thirteen UK workers, with roughly two thirds of these jobs based outside London. UK-based financial and related professional services generate a substantial trade surplus. In 2022, UK financial services recorded a surplus of about £92 billion, the largest financial services trade surplus of any country.

The sector operates within a regulatory framework in which HM Treasury sets overall policy while the Bank of England, the Prudential Regulation Authority and the Financial Conduct Authority share responsibility for prudential supervision and conduct regulation.

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