Despite Brexit uncertainties, figures published by the Office of National Statistics (ONS) reveal that UK banking exports of financial services have reached a ‘record high’ of £36.3 billion during 2018 trading.
Figures for 2018 financial services exports were up £1.7 billion, as the sector maintains its fourth year of consecutive growth since 2014.
Publishing its ‘Pinkbook 2018 statistics‘ of UK export, the ONS revealed that total financial services exported (banks, insurance, FX, and investment services) also reached a record high of £62.5 billion during 2018, up £3.1 billion on the previous year.
Driven by new products and services the banking sector accounted for 58% of the UK’s total financial services exports in 2018
A further breakdown sees 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.
Stephen Jones Chief Executive of UK Finance commented on ONS results: “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.
In further related finance news, UK Export Finance (UKEF) confirmed the appointment of former Lloyds Banking Group executive Carl Williamson to lead for Trade Finance Business unit.
In his remit, Williamson will represent UK finance stakeholders supporting global trade directives related to the exporting financial products for working capital, bond support, insurance and investment services.