Britain’s exports in financial and professional services had a record-breaking year in 2017, according to figures released today by TheCityUK.
Exports in the sector jumped 15.8% from £82.6bn to £95.7bn, breaking away from four years of relatively sluggish growth, when exports edged up by 0.9% each year on average.
The UK remains the world’s top exporter of financial and professional services, with a trade surplus of £57bn, far ahead of the US, which has net exports of £31bn. The figures included exports in finance, insurance, accountancy, legal services, management consultancy and business services.
Unsurprisingly, London topped the list for financial exports. Financial exports from the capital totalled £46.6bn in 2017, growing 17.7% from £39.7bn in the prior year. Of this total figure, over £36.7bn came from financial services, with £9.9bn from related professional services.
The South East’s exports grew 10t from £10.5bn to £11.6bn, making it the second most important region for financial services.
Anjalika Bardalai, chief economist at TheCityUK, said: “While London is an important piece of the puzzle, over half the industry’s exports come from other parts of the country.
“In 2017, industry exports saw double-digit growth in nearly every part of the UK. It’s this collective national contribution which helps to make the UK the world’s leading international financial centre.”
The North East is now the fastest-growing part of the UK for financial services, although its overall contribution remained relatively small in 2017. Exports came to £1.7bn, a growth of 29% year-on-year.