This year’s report, covering participants’ financial years ended in the year to 31 March 2025, estimates the sector’s TTC at £43.3 billion. This year’s contribution remains well above £40 billion, consistent with the levels seen over recent years, reflecting both the stability of the sector’s contribution and its continued growth over the longer term. In absolute terms, the sector’s TTC has grown by one third since the study’s inception in 2014, when it was £33.4 billion. Even during periods of economic and political disruption, the sector has remained a stable and significant source of revenue for the public finances.