Banking Industry in UK
Banking Industry in UK
1.0 Introduction
The UK Banking sector is the world’s third largest in terms of Return on capital & efficiency after USA and Japan. Around 3.5% of the total UK’s workforce is working in banking sector and it is providing services to 95% of the population. UK is considered as Investment Hub for Private Banking & Investment in the international Market.
2.0 Size and Importance of Banking Industry to National Economy
The UK Banking sector is one of the largest sectors to the contributor of nation’s economy. Last year, financial services and Banks contributed to 7% of the Country’s GDP. The Jobs in Financial services and Banks have increased by 29% from 2011 January.
The financial services and Banking sector comprised 8.9% of the total GDP share in year 2010 and employing with over 1 million people. The Financial services pay over £63 billion of tax from employees and companies. This comprises form 12.1 % of the total Tax collection. The industry is the largest earner of net exports and Banks contributes revenue of £24.7 billion out of total industry’s revenue of£ 41.4 billion in year 2010.
2.1 Number and Size of Companies in the Industry
There are large numbers of banks compete in the domestic market. The Top Five Banks in terms of market Capitalisation in UK are HSBC (£122.5 billion), Royal Bank of Scotland (£50 billion), Lloyds Banking Group (£44.3 billion), Barclays Bank (£38.4 billion), and Standard chartered (£37.2 billion. The UK banks are providing services for customers all over the world in savings accounts and personal current accounts. There are around 147 million debit and credit cards in issue. These Banks are processing with excess of four million standing orders and direct debits each year, operating more than 9000 branches, processing 775 million cheques and the value of 11.2 million mortgages has worth above 1.2 trillion.
2.2 Significant Issues Facing the Industry
The UK Banking industry has faced a radical
1.0 Introduction
The UK Banking sector is the world’s third largest in terms of Return on capital & efficiency after USA and Japan. Around 3.5% of the total UK’s workforce is working in banking sector and it is providing services to 95% of the population. UK is considered as Investment Hub for Private Banking & Investment in the international Market.
2.0 Size and Importance of Banking Industry to National Economy
The UK Banking sector is one of the largest sectors to the contributor of nation’s economy. Last year, financial services and Banks contributed to 7% of the Country’s GDP. The Jobs in Financial services and Banks have increased by 29% from 2011 January.
The financial services and Banking sector comprised 8.9% of the total GDP share in year 2010 and employing with over 1 million people. The Financial services pay over £63 billion of tax from employees and companies. This comprises form 12.1 % of the total Tax collection. The industry is the largest earner of net exports and Banks contributes revenue of £24.7 billion out of total industry’s revenue of£ 41.4 billion in year 2010.
2.1 Number and Size of Companies in the Industry
There are large numbers of banks compete in the domestic market. The Top Five Banks in terms of market Capitalisation in UK are HSBC (£122.5 billion), Royal Bank of Scotland (£50 billion), Lloyds Banking Group (£44.3 billion), Barclays Bank (£38.4 billion), and Standard chartered (£37.2 billion. The UK banks are providing services for customers all over the world in savings accounts and personal current accounts. There are around 147 million debit and credit cards in issue. These Banks are processing with excess of four million standing orders and direct debits each year, operating more than 9000 branches, processing 775 million cheques and the value of 11.2 million mortgages has worth above 1.2 trillion.
2.2 Significant Issues Facing the Industry
The UK Banking industry has faced a radical