拢71.4bn tax contribution from financial services
The figure shows how much money is at risk if the finance industry loses its ability to trade easily with the EU countries.
Tuesday 6 December 2016 02:25, UK
The UK financial services sector contributed 拢71.4bn in tax last year, according to a report by the City of London and accountants PWC.
The figure shows the potential effect on the Government's coffers if the UK leaves the European single market after Brexit.
Nearly a quarter of turnover from the financial services industry in the last financial year "went straight into public coffers", the report said.
This means the finance sector paid 11.5% of the UK's total tax bill for the 12 months to 31 March.
Financial services employ 1.1 million people in the UK - 3.4% of the workforce.
The average amount of tax paid per worker in the sector is £32,000.
But many of the sector's bosses have expressed fears that they will not be able to trade with Europe if the Government takes a so-called hard Brexit from the European Union.
Their main concern is whether the UK can keep
There are also fears that other European centres, such as Dublin and Frankfurt, may capitalise on the uncertainty and step-in to take some of London's business.
Some banks have already said
Mark Boleat, policy chairman for the City of London, said: "In light of the UK's decision to leave the EU, these new findings not only demonstrate the significant contribution made to Government revenues, but are also key in
helping us to understand the potential impact of Brexit on different sub-sectors within financial services."
"As one of the UK's biggest service exporters, it's understandable the sector also contributes a considerable amount of tax. Despite this, the sector arguably stands most to lose as negotiations loom.
"It makes it clear the argument that Government should be engaging with firms as it approaches talks with the remaining EU 27, and the pulling of the political trigger."