Financial Services Exports To EU Reach Record High In 2017

UK exports of financial services reached a record high of £59.6bn in 2017, an increase of £3.6 billion on the previous year, figures published in the ONS Pink Book today have revealed.

The growth was largely driven by an increase in financial services exports to the EU, which rose by over £1.7 billion in 2017 to also reach a record high of £25.9 billion.

Financial services were the largest contributor to the increased trade in services surplus in 2017, and accounted for 21.5% of total UK services exports. This growth in the UK's financial services surplus contributed to a narrowing of the overall trade deficit, which fell from 1.6% to 1.3% of GDP.

Stephen Jones, Chief Executive of UK Finance, commented:

?The UK's role as one of the world's leading exporters of financial services is central to our economy, generating jobs right across the country.

?These figures are a timely reminder that the financial services sector is one of the UK's major export success stories, providing vital finance and services to customers across the EU and the rest of the world.

?The UK and the EU have a shared interest in maintaining as much of this cross-border flow of financial services as possible.?


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Notes to editor

<ol><li>UK Finance is a trade association formed on 1 July 2017 to represent the finance and banking industry operating in the UK. It represents around 250 firms in the UK providing credit, banking, markets and payment-related services. The new organisation brings together most of the activities previously carried out by the Asset Based Finance Association, the British Bankers? Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.<br />
<li>A summary of today?s ONS Pink Book 2018 including overall figures on UK exports of financial services can be found here: <a href="… />
<li>A detailed breakdown of financial services exports including to the EU can be found on the link below, on table 9.13, (column J and row 38): <a href="…;