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Oxford Economic report reveals importance of business services sector

Published 24th March, 2015 by Neil Nixon

Oxford Economic report reveals importance of business services sector

The Business Services Association (BSA) has published a report - commissioned from Oxford Economics - setting out the economic contribution of the business services sector to the UK economy, at the national, regional, and constituency level.

The sector is made up of five categories - FM, business process outsourcing, IT and digital services, construction services, and front-line outsourced public services - which accurately reflect the business services sector.
The sector is a major contributor to the UK economy:

• Accounting for 8.7% of output (£263 billion per annum).
• Contributing £33.5 billion in the five main taxes (10.5% of all revenues from these sources).

The sector is a significant job creator:
• 3.3 million people are employed, 10.2% of all UK jobs.
• Employs more people than manufacturing.
• Employment is evenly spread across the country - between 8.25% and 11.75% of people in each UK region work in the sector.

The number of jobs directly dependent on cleaning and related activities in the business services sector is put at some 367,000 with an annual turnover of £7.4 billion in the UK.

Mark Fox, chief executive of the BSA, said: “We welcome this piece of research highlighting the contribution the business services sector makes to the UK economy, as both a significant employer and provider of key services.”

The full report can be found at: www.bsa-org.com

Article links

http://www.bsa-org.com