Question to the HM Treasury:

To ask Her Majesty's Government, further to the reply by Lord Agnew of Oulton on 11 November (HL Deb, col 1123) whether they intend to provide details of the source and methodology for the statement that the finance industry contributes “£75 billion in tax receipts”.

Her Majesty’s Government has taken this data from the report published by TheCityUK on the 9^th of April this year, entitled ‘Key facts about UK-based financial and related professional services 2020’[1]. This report states that in 2018/19, the UK Financial Services sector contributed an estimated £75.5 billion to the UK public finances, which comprised 10.5% of all UK tax receipts.

[1] ‘Key facts about UK-based financial and related professional services 2020’, TheCityUK, 7^th April 2020