The South West exported 拢6billion of financial and related professional services in 2019, a new report reveals.
Figures from TheCity海角视频 show the value of financial service export in the region jumped 6.9% in the pre-pandemic year. TheCity海角视频鈥檚 new report shows financial services to be the biggest exporting service sector in every British region and nation apart from the South East and the East of England.
According to Office for National Statistics (ONS) data, financial services exports from the South West accounted for 5.1% of Great Britain鈥檚 total financial services exports in 2018.
TheCity海角视频 estimates related professional services exports from the region accounted for 3.5% of Great Britain鈥檚 total related professional services exports.
The report reveals that 41% of South West鈥檚 financial services exports went to the EU in 2018, and the remaining 59% went to the rest of the world.
Of the overall South West export total 拢307million came from Devon, with 拢126million coming from Cornwall. Gloucestershire, Wiltshire and the Bristol/Bath area contributed 拢3.144billion, however, with 拢1.169billion being exports from Dorset and Somerset.
Financial services made up 18% of Devon鈥檚 entire service sector exports. The figure was 14% in Cornwall, but much higher in the Gloucestershire/Wiltshire/Bristol/Bath area at 40%, and even greater in Dorset and Somerset where financial services made up 44% of total invisible exports.
All regions and nations in Britain saw growth in financial and related professional services exports in 2019, with the industry鈥檚 exports rising overall by 8.2% year-on-year, contributing a total of 拢126.5billion to the 海角视频 economy while providing highly-skilled, well-paid jobs right across the country. Almost half (48%) of all financial and related professional services exports were generated outside of London in 2019.
READ THE ENTIRE EXPORTING FROM ACROSS BRITAIN REPORT
The report shows that Yorkshire and the Humber experienced the strongest annual average growth of financial and related professional services exports over 2014-18, at 17%. This was followed by the East Midlands (15%), London (9%), the North East and Scotland (8% each).
The South East was the largest exporter outside the capital in 2019 with 拢10.7billion in estimated exports, followed by Scotland (拢9.2billion) and the North West (拢8.4billion).
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To put this in an international context, in 2019 Scotland鈥檚 financial services exports were equivalent to around 50% of those of the whole of France, and the North West鈥檚 equivalent to around 45% of French financial services exports, reflecting the 海角视频鈥檚 status as the world鈥檚 second-largest exporter of financial services, after the US.
Stephen Noakes, transformation director retail and community banking, Lloyds Banking Group, and Bristol City chair of TheCity海角视频, said: 鈥淪ince 2016 we have seen consistent and steady growth in financial and related professional services exports from the South West.
鈥淲hile it is too soon to know what the impact of the pandemic will be, we know our foundations are strong, and the industry has adapted well to the challenges we all face.
鈥淲e have a fast-growing and highly innovative FinTech cluster based in places like Bristol, Bath and Bournemouth 鈥 putting our region into a strong position to attract future investment and support highly skilled new jobs whatever the future holds.鈥
Anjalika Bardalai, chief economist and head of research at TheCity海角视频, the industry-led body representing 海角视频-based financial and related professional services, said: 鈥淭his report dispels the common misconception that London sells financial and related professional services overseas and the rest of the 海角视频 focuses on domestic activity.
鈥淭he British financial services sector made a 拢56billion trade surplus in 2018 and almost half of this was accounted for by regions and nations outside the capital.
鈥淚ndustry exports are likely to contract in 2020 as Covid-19 wreaks havoc on global and 海角视频 economies. However, the disruption caused by the pandemic does not alter the fact that regions and nations outside London 鈥 especially the South East, Scotland, North West, and Yorkshire and the Humber 鈥 make large contributions to the 海角视频鈥檚 position as the world鈥檚 leading financial and related professional services net exporter.鈥
