Exporting financial services to the world

The UK remained the largest net exporter of financial services globally in 2023. The trade surplus reached £92.2bn a substantial rise of £11.3bn from 2022. It was largely propelled by growth in exports to the US which saw an increase of £5.7bn, the largest absolute increase to any one country. 

£92.2bn trade surplus in 2023

UK exports of financial services grew for the 4th year running, reaching a record high of £120.3bn in 2023. The increase of £16.8bn was driven by both financial services and insurance. 

The new analysis comes as The City of London Corporation has urged the Government to ensure the financial services strategy prioritises services trade, preserves the UK’s open and global nature and promotes its offer abroad. Financial services trade is a key driver of UK economic growth. As such, it is critical to address any barriers to trade, and to ensure the UK remains open to investment from around the world.