UK financial services exports reached record high in 2017

Figures published by the Office for National Statistics have shown that UK exports of financial services hit a record high in 2017.

The ONS Pink Book 2018 showed that financial services exports reached £59.6bn last year, up by £3.6bn on 2016.

Main drivers

An increase in financial services exports to the EU was one of the main drivers of growth, with exports rising by more than £1.7bn last year and hitting a record high of £26bn.

Financial services was shown to be the biggest contributor to the rise in trade in services surplus last year, with these services accounting for more than 20% of the UK’s total services exports.

The rise in financial services surplus helped to narrow the overall trade deficit, which dropped from 1.6% to 1.3% of GDP. The figures also identified trends in financial services over the past few years, with the financial services surplus improving by £2.6bn in 2016 as a result of exports and imports of these services rising by £4bn and £1.4bn respectively.

Timely reminder

Commenting on the importance of the UK’s role in exporting financial services, UK Finance’s Chief Executive Steve Jones said that the role of the UK as a world-leading exporter of financial services is vital to the economy, generating jobs across the country.

He added that the figures from the ONS are a timely reminder that the financial services sector is a major export success story and that it provides crucial services and finance to customers across the EU and worldwide.