LONDON- In the year till March, British financial sector will have paid a whooping record amount of close to $100 billion in taxes. This reaffirms the sector’s role in funding when a Brexit decision clouds its future prospects.
In a report posted on Tuesday, the 75.5 billion pounds raised equaled one pound in 10 of all UK tax receipts. Moreover, future contributions will be impacted by the upcoming departure of UK from the European Union.
The industry is unsure how much direct access it will have to the bloc, which is its biggest export market, in the future and with Johnson yet to start the trade negotiations to be concluded by the end of the transition period in December, the uncertainty continues to loom.
The financial sector employs over 1.1 million people around the nation and the most important in the economy.
With the looming Brexit decision, the country must continue to be competitive to protect the employment base and significant tax contribution of the employment base from the financial sector.
After leaving the EU, it will play a pivotal role in fuelling economic success.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.