LONDON, December 8 (Reuters)-The lobbying group TheCityUK said on Wednesday that before Brexit, the United States became the UK’s largest financial services export market, surpassing the EU market where sales have shrunk in 2020.
When the UK completely left the European Union in December last year, the country’s financial industry was basically cut off from the European Union, which was the UK’s largest single customer before.
In 2020, the total exports of British financial services will remain at 82.4 billion pounds (109.07 billion US dollars), with little change. Exports to the EU fell by 6.6% to 24.7 billion pounds, but exports to non-EU countries rose 4.1% to 57.7 billion pounds.
TheCityUK said exports to the United States increased by 5.3%. The agency promotes the UK’s financial industry overseas.
The UK’s financial services trade surplus is 80.6 billion U.S. dollars, which is still the world‘s largest, close to the second and third-ranked United States and Singapore’s combined surplus of 91.7 billion U.S. dollars.
At the same time, the European Union is establishing its financial autonomy, which makes it unlikely that the UK will have unrestricted access to investors and financial markets in continental Europe.
“Unless industry, government and regulators work together to improve long-term competitiveness, deepen key trade links, and focus on new areas of future global growth, the UK’s position as the world‘s leading financial center will be at risk,” TheCityUK chief economist And research director Anjalika Bardalai said.
The UK is currently revising its financial rules to maintain London’s attractiveness as a global financial center, to keep up with the leader, New York, and to resist competition from European cities such as Amsterdam and financial centers in Asia. (over)
Compile Wang Can; Review Xu Wenyan
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