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UK financial services exports reached record high in 2017

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.

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