A new report by TheCityUK shows that the UK remains the world’s leading net exporter of financial services, generating an industry trade surplus of £68bn (equivalent to $88bn) in 2017, nearly equal to the next three leading net exporting countries combined (the US, Switzerland, and Luxembourg).
When related professional services, such as legal, accounting and business advice, are added, the UK’s combined financial and related professional services trade surplus was around £83bn ($107bn).
The annual ‘Key facts about the UK as an international financial centreplanning’ report reveals about 44% of this trade surplus was generated by trade with the EU, 19% by the US, and 3% by Japan and Switzerland respectively, with the remainder generated by other countries.
TheCityUK report also sets out the facts and figures which underline the value of the UK’s leading net exporting industry.
Anjalika Bardalai, Chief Economist and Head of Research, TheCityUK, said, “The UK is not only a leading global financial centre, it is also Europe’s financial hub. While this will remain the case after the UK exits the EU next year, Brexit has reinforced the UK’s need to strengthen its trade and investment relationships with key nations beyond the EU, such as the US, Japan, Switzerland, China and India.
“The UK currently has a clear competitive advantage in financial and related professional services and it is vital that this position is not inadvertently eroded. The government must be proactive in reinforcing the global attractiveness of the UK as a place to invest and do business.”