· Financial and related professional services exports from Britain reached £174.3bn in 2023 (latest available data), up 8.7% from 2022, with nearly half (49%) originating outside London.
· All British regions and nations recorded financial and related professional services export growth.
· The industry accounted for over one fifth (22%) of Britain’s total exports (goods and services) and almost 40% of all services exports in 2023.
A new report from TheCityUK shows that financial and related professional services exports from across Britain grew by 8.7% in 2023 to reach £174.3bn (latest available data) – equivalent to around £22 in every £100 of export income in Britain, with industry exports growing in every British region and nation.
The report, ‘Exporting from across Britain: Financial and related professional services 2026’, also reveals that in 2023, nearly half (49%) the industry’s exports originated outside London, underscoring the industry’s export strength and significant contribution to Britain’s regions and nations.
Those making the largest contributions were the South East (£18.1bn or 10.4% of the total), followed by Scotland (£12bn or 6.9% of the total), the North West (£9.5bn or 5.5% of the total), and Yorkshire and the Humber (£9bn or 5.1% of the total). Several regions and nations recorded strong year-on-year export growth, including the South West (17%), Scotland (16.3%) and West Midlands (16%).
The data also highlight the importance of services to Britain’s overall economic position. While goods exports declined by 3.6% year on year in 2023, total services exports rose by 14% to £465bn, with financial and related professional services accounting for almost 40% of all services exports. In almost all British regions and nations, financial services was the largest exporting sector for services, with the exception of the East Midlands, the East of England and the South East.
All British regions and nations continued to have trade surpluses in financial services in 2023 (meaning industry exports exceed industry imports). London generated the largest financial services trade surplus at £42.9bn, followed by the South East (£7.3bn), and Scotland (£6bn).
Anjalika Bardalai, Chief Economist and Director, Economic Research, TheCityUK, said, “Financial and related professional services are one of the UK’s biggest export success stories. The industry makes up almost 40% of all services exports, and more than 20% of total exports. While goods exports declined in 2023, services exports increased strongly, and financial and related professional services exports contributed around 25% of that growth. The strength and resilience of services trade helps keep the UK competitive on the global stage, and every British region and nation contributes positively to that competitiveness.”
To continue strengthening growth, investment and export performance for the industry right across the country, the report sets out five key policy recommendations for the government to prioritise:
· Drive growth across Britain by strengthening trade intelligence and commercial diplomacy:
o Enhance data collection, information-sharing, and coordination among UK government departments, devolved governments, mayoral combined authorities, and overseas posts to highlight regional services trade strengths and quickly identify export opportunities and more targeted exporter support.
o Equip UK-based and overseas staff to recognise opportunities for proactive intervention by ensuring they understand the key drivers of industry growth and can support the UK government’s commercial diplomacy objectives.
o Foster a unified ‘Team UK’ approach to inward investment, providing investors with a single, coordinated point of entry for opportunities and support.
· Deepen engagement to capture global market share:
o Put regulatory coherence and outcomes‑focused cooperation at the heart of relationships with key markets.
o Build deeper cooperation with leading international financial centres, using successful models such as the UK–Switzerland Mutual Recognition Agreement.
o Use free‑trade agreements and regulatory dialogues to reduce frictions and create clarity for cross‑border financial and professional services activity.
· Accelerate partnerships with high-growth markets:
o Establish joint UK–industry working groups focused on high‑growth regions.
o Develop tailored market propositions showcasing the UK’s full breadth of financial, legal, regulatory and governance expertise.
o Target development cooperation to areas where UK strengths such as capital markets, green finance, FinTech, skills and governance, can unlock new growth and support local development.
o Align this work with the UK’s broader international strategy and capital markets reform to position the UK as a gateway to emerging economies.
· Positioning the UK as a global digital services hub:
o Prioritise stable, trusted cross‑border data flows in trade policy with major and emerging digital economies.
o Reduce behind‑the‑border barriers to digital services through interoperable digital regulatory frameworks.
o Ensure domestic data policy balances protection and security with the ability to innovate and trade, including enabling cloud use and digital transmission of documentation.
o Support UK firms to strengthen internal data governance so they can meet global standards and operate confidently in international digital ecosystems.
· Secure the talent needed for long-term competitiveness:
o Maintain a competitive and welcoming system for globally mobile, highly skilled international talent.
o Expand mobility pathways and professional qualification recognition agreements with key partners.
o Ensure the UK’s regulatory, financial and technological ecosystems remain internationally competitive to attract top talent.
o Support the movement of high‑skilled workers to reinforce the UK’s global competitiveness and develop domestic talent through exposure to global expertise.
Further detail can be found in the report.
