A new TheCityUK report shows British financial and related professional services enjoyed a record year of exports in 2016, up by 15.8% to £95.7bn.
This success marks a departure from four years of relative stagnation in the industry’s export growth, with exports previously increasing by just 0.9% a year on average.
The report, ‘Exporting from across Britain’, is the first time the regional distribution of financial and related professional services exports has been published. It shows that nearly all parts of the country saw double digit growth in financial and related professional services exports in 2016. The greatest increase in exports was recorded in the North East, which grew by 29% year on year.
Anjalika Bardalai, Chief Economist and Head of Research, TheCityUK, said,
“While London is an important piece of the puzzle, over half the industry’s exports come from other parts of the country. In 2016, industry exports saw double digit growth in nearly every part of the UK. It’s this collective national contribution which helps to make the UK the world’s leading international financial centre.”
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