Over the period from 2013 to 2023, the output of financial service activities in the UK showed moderate growth. In 2023, the output stood at £178.95 billion. The year-on-year variation from 2022 to 2023 was 1.84%, continuing the gradual recovery observed since 2020. The Compound Annual Growth Rate (CAGR) for the last five years up to 2023 was 0.63%, indicating steady but slow growth.
Future projections up to 2028 anticipate an increase in the financial service activities output, reaching £194.6 billion by 2028. The forecasted CAGR from 2024 to 2028 is 1.33%, suggesting a stable growth trajectory.
Trends to watch for:
- Impact of regulatory changes and Brexit on the financial services industry.
- Continued digital transformation and fintech innovations.
- Global economic conditions influencing financial markets and services.
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