Forecast: Employees in Financial Service Activities Sector in the UK

The number of employees in the Financial Service Activities sector in the UK has shown a consistent decline over the years. From 2013 to 2023, the workforce decreased from 508.13 thousand to 456.26 thousand, with year-on-year variations consistently negative, except for a small increase in 2018 and 2019. The Compound Annual Growth Rate (CAGR) over the past five years (2018-2023) stands at -0.78%, illustrating a steady downward trend.

From 2024 onwards, forecasts predict a continued marginal decline in the number of employees, with the workforce expected to shrink further to 449.44 thousand by 2028. The forecasted 5-year CAGR is -0.21%, suggesting the rate of decline will slow slightly but persist.

Trends to watch for in the future include:

• The impact of technological advancements and automation on employment in the sector.
• The effects of regulatory changes and economic conditions on workforce requirements.
• Development of new financial services and fintech innovations which could alter employment dynamics.