Financial Institutions
(asked on 27th October 2017) - View Source
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate his Department has made of the effect on UK GDP of the relocation of financial institutions to locations outside the UK between 23 June 2016 and 30 September 2017.
This question was answered on 3rd November 2017
The Office of National Statistics (ONS) publishes regular updates on GDP figures, including their breakdown by sector. In terms of the economy as a whole, the ONS has calculated that GDP has increased by 1.9% in Q3 (July – September) 2017, relative to Q2 2016. Over the same period financial and insurance sector output has increased by 1.8%, and contributed 0.12 percentage points to economic growth.