Financial Services Sector

House of Lords written question – answered on 10th January 2012.

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Photo of Lord Wigley Lord Wigley Plaid Cymru

To ask Her Majesty's Government what annual value the financial services industry contributes to the gross value added (GVA) measurement for (1) England, (2) Scotland, (3) Wales, and (4) Northern Ireland; and what proportion of the GVA of each country is provided by the financial services industry.

Photo of Lord Wallace of Saltaire Lord Wallace of Saltaire Lords Spokesperson (Cabinet Office), Lord in Waiting (HM Household) (Whip)

The information requested falls within the responsibility of the UK Statistics Authority. I have asked the authority to reply.

Letter from Stephen Penneck, Director General for ONS, to Lord Wigley, dated December 2011.

As Director General for the Office for National Statistics I have been asked to reply to your Parliamentary Question asking what annual value the financial services industry contributes to the gross value added (GVA) measurement for (1) England, (2) Scotland, (3) Wales, and (4) Northern Ireland; and what proportion of the GVA of each country is provided by the financial services industry (HL14322).

The table below shows total GVA (in pounds million) for the financial and insurance activities industry (section K) of the Standard Industrial Classification 2007 (SIC07). Data for the latest available year (2009) are provided for England, Scotland, Wales and Northern Ireland, along with the contribution of industry K to the GVA of each country.

Industry K Contribution of industry K to total GVA
England 113 999 10.7%
Wales 2 290 5.2%
Scotland 9 249 9.0%
Northern 1 356 5.0%

Source:

Table 1.3 Headline Workplace based GVA by industry groups at current basic prices http://www.ons.gov.uk/ons/publications/re-reference-tables.html?edition=tcm%3A77-223201.

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