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The sector contributed a gross value of £86 billion to the UK economy in 2004. [3] The industry employed around 1.2 million people in the third quarter of 2012 (around 4% of the British workforce). The estimated amount of total taxes paid by the Financial Services Sector in the year to 31 March 2012 is £63bn, 11.6% of the total UK government ...
[29] [30] In financial year 2014–15, authorities in England collected a total of £22.9 billion in business rates, representing 3.53% of the total UK tax income and achieving an average in-year collection rate of 98.1%. [4] For 2016/17 the multiplier is 49.7 pence and the small business rate multiplier is 48.4 pence.
The Financial Services Compensation Scheme (FSCS) is the UK's statutory compensation scheme for customers of UK authorised financial services firms. This means it can step in to pay compensation if a firm is unable, or likely to be unable, to pay claims against it. Compensation can be in any form and by any method it determines is appropriate. [1]
Business rates are collected throughout the United Kingdom. Domestic rates are collected in Northern Ireland and were collected in England and Wales before 1990 and in Scotland before 1989. Rates are usually paid by the occupier of a property, and only in the case of unoccupied property does the owner become liable to pay them.
Revolut was also granted a British banking license the following month, though with restrictions via the standard "mobilization" stage. [73] [74] [75] A report in October 2024 found that Revolut was named in more fraud complaints in the UK than any major bank in the country, sparking a debate on the effectiveness of its security controls.
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The Bank of England acts as the UK's central bank, influencing interest rates paid by private banks, to achieve targets in inflation, growth and employment. The Bank of England was originally established as a corporation with private shareholders under the Bank of England Act 1694, [1] to raise money for war with Louis XIV, King of France.
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