TheCityUK has launched its new report; Key Facts about the UK as an International Financial Centre report. The research reveals that the UK delivered its highest ever trade surplus in financial services of $95bn (£62bn) in 2014. This was a key contributor to offsetting the nation’s increasing trade in goods deficit. When the estimated trade surplus for related professional services – legal services, accountancy and management consultancy – is also taken into account, this figure climbs to $110bn (£71bn).
According to the report, the UK’s financial services trade surplus is up 4% year-on-year and around double its level a decade ago. It is also more than the combined surpluses of the next three leading countries: the US, Switzerland and Luxembourg.
The UK is the leading exporter of financial and related professional services globally and the continued growth of the industry’s trade surplus is a direct reflection of that strength. Our largest trading partners are the US and other EU Member States, but emerging economies, such as China, the UAE and India as well as other international financial centres such as Hong Kong and Singapore also feature prominently in UK trade.