HC Deb 26 October 1988 vol 139 cc290-1W
40. Mr. Jacques Arnold

To ask the Chancellor of the Duchy of Lancaster what estimate he has of the contribution made to Britain's economy by the financial services industry.

Mr. Maude

The financial services industry makes a large and growing contribution to the economy of the United Kingdom. In 1987 it employed approximately 1.2 million people, some 5 per cent. of all United Kingdom employment; it accounted for about 10 per cent. of the total domestic output of the United Kingdom economy; it contributed a surplus of over £9 billion to the current account of the balance of payments.