The financial services was the fastest growing UK business sector over the past ten years, according to a report published today by the National Office for Statistics (NOS).
The British Bankers’ Association (BBA) says the statistics outline the importance of the finance sector to British industry. The report, the Economic and Labour Market Review 2006, says the output of the financial services sector increased by 76.4% between 1996 and 2006, significantly higher than the 43.5% increase across the service sector as a whole. The financial sector is responsible for 9.4% of the UK economy and is the ‘powerhouse’ of UK industry, according to the BBA. Commenting on the figures, Angela Knight, chief executive of the BBA, says: “Financial services are the powerhouse...
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