Financial and related professional services exports from across Britain grew by 18.4% in 2022, the latest available data, according to a new report from TheCityUK.

Scotland saw its financial and professional services exports increase by 14.7% year-on-year in 2022, the research found.

The report reveals that in 2022, industry exports totalled £158bn, equivalent to around £22 in every £100 of export income in Britain.

Almost half (47%) of that contribution originated outside London, with the South East (10.1%), Scotland (6.6%), the North West (5.3%), and Yorkshire and the Humber (4.9%) making the largest contributions to Britain’s total financial and related professional services exports.

Scotland’s exports from financial services accounted for 7.3% of Great Britain’s total financial service exports in 2022. Professional services exports from Scotland accounted for 4.1% of the national total.

All regions and nations across Britain generated trade surpluses in financial services in 2022. London had the largest financial services trade surplus of £41.8bn, followed by the South East (£6.8bn) and Scotland (£5.2bn).

Most British financial and related professional services exports went to non-EU countries (71%), while the EU accounted for the remaining 29%.

For the UK as a whole, the US was by far the largest destination for industry exports in 2022, accounting for 33% of the total, with other leading destinations including Luxembourg (5.7%), France (5.2%), Ireland (4.2%), and Germany (3.6%). Overall, the UK is the world’s second largest exporter of financial services, after the US.

“As geopolitical tensions mean trade wars are a prominent risk for the global economy, the importance of services trade to the UK economy is noteworthy,” Anjalika Bardalai, chief economist and head of research, TheCityUK. “The UK remains a global leader in services trade, with services playing a more significant role in trade in the UK than in most other OECD countries.

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“The UK is a globally leading exporter of services—and financial and related professional services are particularly central to these exports. With nearly half of these exports originating outside London, it is clear that British regions and nations play a vital role in catering to international markets.

“Given the continuing trade policy uncertainty and the contribution financial and related professional services makes right across the country, it is crucial to foster an environment that supports its continued growth and competitiveness.”

TheCityUK shared a series of policy recommendations for industry, government, and regulators to work together on to support all parts of the country to grow their export potential.

This includes improving information about trade opportunities, growing the UK’s share of key global financial and related professional services opportunities, and building leadership around key areas of future demand.

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