UK exports of financial services reached a record high of £59.6bn in 2017, an increase of £3.6 billion on the previous year, figures published in the ONS Pink Book today have revealed.
The growth was partly driven by an increase in financial services exports to the EU, which rose by over £1.7 billion in 2017 to also reach a record high of £26 billion.
Financial services were the largest contributor to the increase in the trade in services surplus in 2017, and accounted for 21.5% of total UK services exports.
This growth in the UK’s financial services surplus contributed to a narrowing of the overall trade deficit, which fell from 1.6% to 1.3% of GDP.
Stephen Jones, Chief Executive of UK Finance, commented:
“The UK’s role as one of the world’s leading exporters of financial services is central to our economy, generating jobs right across the country.
“These figures are a timely reminder that the financial services sector is one of the UK’s major export success stories, providing vital finance and services to customers and businesses across the EU and the rest of the world.
“The UK and the EU have a shared interest in maintaining as much of this cross-border flow of financial services as possible.”