UK exports in financial services jump to £95.7bn

Helen Cahill
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London's Economic Boom Continues
The UK is heading into trade negotiations with the EU (Source: Getty)

Britain's exports in financial and professional services had a record-breaking year in 2016, according to figures released today by TheCityUK.

Exports in the sector jumped 15.8 per cent from £82.6bn to £95.7bn, breaking away from four years of relatively sluggish growth, when exports edged up by 0.9 per cent each year on average.

Read more: Imposing tariffs on EU imports would damage UK's exports warns IFS

The UK remains the world's top exporter for 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 2016, growing 17.7 per cent 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 10 per cent 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 2016, 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 2016. Exports came to £1.7bn, a growth of 29 per cent year-on-year.

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