The UK remained the world’s biggest exporter of financial services in the first year after the UK left the European Union, but the US is catching up.
(Bloomberg) — The UK remained the world’s biggest exporter of financial services in the first year after the UK left the European Union, but the US is catching up.
The City of London recorded an $87.2 billion trade surplus in 2021, up about 8%, according to an analysis published Tuesday by TheCityUK, a lobbying group for the industry. The US trailed closely behind with $85.6 billion, having increased its surplus by almost 30% compared to 2020.
The gap narrowed sharply in the first year since Brexit even as the US continued to be the UK’s largest buyer of British financial services. More than 34% of the UK’s exports were to the US in 2021, while the EU accounted for 29% of the total, the report said.
The total value of UK exports of financial and related services such as legal, accounting and consultancy remained stable at $110.9 billion, the report showed.
“The UK’s status as a world-leading international financial centre provides widespread economic benefits right across the country,” said Anjalika Bardalai, chief economist at TheCityUK. “But that position can’t be taken for granted.”
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