UK finance industry posts record exports as north-east booms

[LONDON] UK exports of financial and related professional services grew to a record in 2016 as all regions surged.

Exports rose 15.8 per cent to £95.7 billion (S$178.46 billion), according new data compiled by TheCityUK with the Office for National Statistics. The northeast of England posted the biggest jump, climbing 29 per cent, while London - which accounts for almost half of the nation's financial services - rose 17 per cent.

"While London is an important piece of the puzzle, over half the industry's exports come from other parts of the country," said Anjalika Bardalai, chief economist at the industry body.

"In 2016, industry exports saw double digit growth in nearly every part of the UK."

Financial and related services such as insurance, accountancy, legal and management consultancy contribute nearly 11 per cent of the UK's total economic output, the report said.

BLOOMBERG