Business Analysis: Uk Retail Banking Industry Business Research Paper (Research Paper Sample)

BUSINESS ANALYSIS: UK RETAIL BANKING INDUSTRY
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Introduction
The banking sector in the United Kingdom plays a pivotal role in the performance of the region’s economy. As reported in 2014, the banking industry alone contributed over 21.4 billion to the UK economy. This was in firm of taxes: corporate tax, national insurance tax, income tax and bank levies. In this regard, it is evident that the banking sector holds an indispensable position as regards to strengthening the performance of the UK economy (Lodge and Williams, 2002). In measuring the contribution of various sectors to the UK economy, there was a need to revisit the government’s pro-growth agenda. It was indeed as outlined by the prime minister then that the main focus would be to rebalance the economy to avoid overreliance on one economic stimulus or one driving sector of the economy. In achieving this, the contribution of the banking industry as economic growth is concerned has to be looked into. Therefore, the size, competition, nature, number of people employed directly or indirectly in the sector , its contribution to the balance of trade and amount of taxes and levies it contributes have to be focused on (Lodge and Williams, 2002).