Friday 15 December 2017 10:02 am

The UK is still the world's top financial services exporter generating more than its next two competitors combined

The UK has managed to retain the title of the world's biggest financial services exporter by a country mile, new data from TheCityUK has revealed.

Last year the tiny island netted a total trade surplus from financial and related professional services of $93.6bn (£69bn) – more than the US and Switzerland, its next biggest competitors, combined.

Britain was number one globally for foreign exchange trading, with a 37 per cent global market share; cross border bank lending, with a 16 per cent market share; and international insurance premium income, holding a six per cent market share.

It also had the largest legal services sector in Europe, which is second only to the US.

"The UK’s place in the global financial system is unparalleled. London’s only real rival as a full-spectrum, truly global centre is New York," said TheCityUK's Anjalika Bardalai.

"However, we cannot take this position for granted. Brexit is likely to create some economic friction with our largest trading partner, the EU, and with an increasing number of regional and specialist centres arising in Asia and elsewhere it is vital that the UK seek new trading and investment opportunities."

TheCityUK's report found that assets held by the UK's banking sector were the largest in Europe last year, at $8 trillion, while accounting services net exports were $1.6bn.

Asset managers had a record $11 trillion under management, and the value of international bonds in the UK was the largest in the world at $2.9 trillion. On average, $24.3bn of god and $3bn of silver was traded on the London Bullion Market Association every day.