British financial sector pays 75.6 billion pounds in taxes

The UK financial sector paid a tax of £ 75.6 billion in the April 2019-March 2020 period.

In a statement made by London’s financial center City of London, it was stated that the financial sector contributed £ 75.6 billion to the country’s economy in the April 2019-March 2020 tax period.

The statement stated that the said period covered a period of high uncertainty due to the UK’s exit from the EU, and that £ 34.1 billion in tax revenues was obtained directly from finance companies, and £ 41.5 billion from financial services, employees and customers.

Despite the negative economic effects of the epidemic, the British financial sector is expected to pay taxes between 71.1 and 75.7 billion pounds in the period April 2020-March 2021, and that the British financial sector represents 3 percent of the country’s working segment with approximately 1 million people. on the other hand, it is reported that it accounts for 10 percent of the country’s tax revenues.

City of London Policy Director Catherine McGuinness said, “The data underlines the importance of the financial sector for Britain. The direction and speed of economic recovery after the epidemic is uncertain, but the financial sector offers the necessary contribution to stability.” used the expressions.

Stating that about two-thirds of employment in the British financial sector is outside of London, McGuinness noted that technological developments and new ways of working require them to focus on digital change and new products.


Source: bigpara- GÜNDEM by

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