The City of London economy continues to look strong. The latest news is great global growth in exports. More good ‘despite brexit’ news for London. The city’s future remains; being a global, European and national finance and tertiary services hub, welcoming to all with talent wanting to work hard, and always ready to work with the world...
Exports from UK financial services and insurance firms soared to a record high of £82bn last year, up from £78bn in 2017, according to new data published in the ONS Pink Book today.
The UK’s financial services and insurance trade balance also increased from £61bn to £63bn in 2018. This trade surplus – the largest of any UK services sector by far – plays an important role in helping to balance the UK’s trade in goods deficit, which stood at over £142bn.
The sector’s trade with the European Union rose from £30bn in 2017 to £32.6bn in 2018, with the share of financial services and insurance exports going to this market also climbing from 39 per cent to 40 per cent.
Beyond the EU, exports to key markets increased, including the US (up from £20.7bn in 2017 to £21.7bn in 2018), Japan (£4bn to £4.4bn), Canada (£1.8bn to £2bn). Overall trade with non-EU countries actually rose from £47.6bn to £49.6bn.