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Record Year for Financial and Professional Services Firms

Financial and related professional services firms in the North West enjoyed a record year in terms of overseas sales with exports up by more than a tenth to £6.6bn. 

A report by TheCityUK, entitled 'Exporting from across Britain', demonstrates the extent to which financial and related professional services firms based in the North West export their services to the rest of the world. It shows that exports climbed by 13 per cent to £6.6bn in 2016.

Nationally, industry exports were up by 16 per cent to £95.7bn.

Richard Bell, TheCityUK city chairman for Manchester and practice senior partner for Deloitte in the North West, said: "Manchester, alongside Liverpool and the rest of the North West, has a proud history of manufacturing, trade and export. It was the first industrialised city in the world. But today our exports in services, £17.6bn in 2015, is fast catching up to those of goods, £27bn in the same year.

"Financial services is a critical and fast-growing part of this – bringing new jobs and prosperity to Manchester and the wider North West. We should take pride in this industry and continue to build our increasing international reputation as a dynamic and independent financial centre."

The report shows that London is the largest exporter of financial and related professional services (£46.6bn), followed by the South East (£11.6bn), Scotland (£7.2bn) and the North West (£6.6bn).

The UK is also highlighted as the world's leading net exporter of financial services, with a trade surplus of £57bn. This is nearly twice that of the next leading country, the US, at £31bn.

Anjalika Bardalai, chief economist and head of research at TheCityUK, said: "While London is an important piece of the puzzle, over half the industry's exports come from elsewhere – £6.6bn from the North West alone

"In 2016, industry exports saw double-digit growth in nearly every part of the country. It's this collective national contribution which helps to make the UK the world's leading international financial centre."

TheCityUK is the industry-led body representing UK-based financial and related professional service.

 

Source: Insider Media