UK banking sector exports reach new record high of £36 billion in 2018

The UK banking sector's exports of financial services reached a new record high of £36 billion in 2018, up £1.7 billion on the previous year, figures published today by the Office of National Statistics (ONS) have revealed.

Total financial services exports, including banking, also reached a record high of £62.5 billion in 2018, up £3.1 billion on the previous year.  This means the banking sector accounted for 58 per cent of the UK's total financial services exports in 2018.

Exports of financial services were listed by the ONS as one of the two main contributors to the rising value of total UK exports in 2018. The UK's exports of financial services to the EU increased by £1.7 billion to over £26 billion, while exports to the rest of the world increased by £1.4 billion to almost £36.5 billion.

UK Finance Chief Executive Stephen Jones commented:

These figures highlight the banking and finance sector's vital contribution to the UK economy, public finances and wider society.

?At a time of economic uncertainty, it is vital that policymakers focus on maintaining the sector's competitiveness. We need to secure the UK's position as the best place for financial service providers to do business, with world-leading regulation and a tax system that makes us attractive for international investment.

For more information please call the UK Finance press office on 020 7416 6750 or email

Notes to editor

<ol><li>UK Finance is the collective voice for the banking and finance industry. Representing more than 250 firms across the industry, we act to enhance competitiveness, support customers and facilitate innovation.</li>
<li>A summary of today?s ONS Pink Book 2019, including overall figures on UK exports of financial services, can be found here: <a href="… />
<li>UK Finance published its latest Total Tax Contribution of the Banking Sector report this week, which called for a rethink of bank taxations policies to prioritise the UK?s global competitiveness.</li>
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</ol><p><img alt="Graph.png" border="0" height="378" id="_x0000_i1025" src="…; width="579" /></p>