Employment in the financial services sector in the United Kingdom fell between 2001 and 2021. The total number of people employed in this sector amounted to approximately 1.1 million in 2021, a figure that is unchanged since 2009. This was a decrease compared to pre-global recession figures, when on the British market there were 1.2 million people employed in all subsectors of financial services. These figures have decreased as a result of the crisis and closure of bank branches across the country.
The closing of bank branches
The increasing usage of online banking has resulted in a large number of bank branch closures in the United Kingdom. Many banks have seen dramatic declines in their number of branches in the last few years. The branch closures have become a way for the banks of decreasing expenditure as profit margins become tighter.
Financial service sector
Financial services, which include banks, credit unions, credit-card companies, accountancy firms, insurance companies as well as financial service companies are an integral part of any economy. The banking sector assets as percentage of gross domestic product (GDP) was approximately 378 percent in 2019.
Number of employees in the financial services sector in the United Kingdom from 2001 to 2021
(in millions)
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House of Commons. (December 8, 2021). Number of employees in the financial services sector in the United Kingdom from 2001 to 2021 (in millions) [Graph]. In Statista. Retrieved December 03, 2024, from https://www.statista.com/statistics/298370/uk-financial-sector-total-financial-services-employment/
House of Commons. "Number of employees in the financial services sector in the United Kingdom from 2001 to 2021 (in millions)." Chart. December 8, 2021. Statista. Accessed December 03, 2024. https://www.statista.com/statistics/298370/uk-financial-sector-total-financial-services-employment/
House of Commons. (2021). Number of employees in the financial services sector in the United Kingdom from 2001 to 2021 (in millions). Statista. Statista Inc.. Accessed: December 03, 2024. https://www.statista.com/statistics/298370/uk-financial-sector-total-financial-services-employment/
House of Commons. "Number of Employees in The Financial Services Sector in The United Kingdom from 2001 to 2021 (in Millions)." Statista, Statista Inc., 8 Dec 2021, https://www.statista.com/statistics/298370/uk-financial-sector-total-financial-services-employment/
House of Commons, Number of employees in the financial services sector in the United Kingdom from 2001 to 2021 (in millions) Statista, https://www.statista.com/statistics/298370/uk-financial-sector-total-financial-services-employment/ (last visited December 03, 2024)
Number of employees in the financial services sector in the United Kingdom from 2001 to 2021 (in millions) [Graph], House of Commons, December 8, 2021. [Online]. Available: https://www.statista.com/statistics/298370/uk-financial-sector-total-financial-services-employment/