The City is strengthening partnerships with countries outside the EU as it embarks on a post-Brexit transformation, reveals a new study released today.
The US has overtaken the continent as the top destination for UK financial services exports for the first time ever, according to the Square Mile’s chief lobby group TheCityUK.
City firms conducted 34.2 per cent of their international business with Wall Street giants, larger than the 30 per cent exported to EU companies.
In 2020, the first year after Britain left the EU, UK financial services net exports rose, underlining the City’s position as a linchpin in the global finance industry despite concerns Brexit would reduce the attractiveness of doing business with London finance firms.
The City’s trade surplus topped £79bn in 2020, up from around £73bn in the previous year.
The…
