8th November 2019

UK banking sector exports reach new record high in 2018

The UK banking sector’s exports of financial services reached a new record high of £36bn in 2018, up £1.7bn on the previous year, figures published by the Office of National Statistics (ONS) have revealed.

Total financial services exports, including banking, also reached a record high of £62.5bn in 2018, up £3.1bn on the previous year. This means the banking sector accounted for 58 per cent of the UK’s total financial services exports in 2018.

Exports of financial services were listed by the ONS as one of the two main contributors to the rising value of total UK exports in 2018. The UK’s exports of financial services to the EU increased by £1.7bn to over £26bn, while exports to the rest of the world increased by £1.4bn to almost £36.5bn.

Commenting, UK Finance Chief Executive Stephen Jones said: “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.”