Posted: 24 Feb 2021 Resource Type: Research Report Download Back 80% Services now account for 80% of UK GDP and employ over 29 million people The City of London: an ecosystem enabling international trade report, jointly published by The City of London Corporation and EY, demonstrates how the UK’s financial and professional services (FPS) ecosystem supports internationally exporting firms. The UK is reshaping its economic relationships with key global markets and the UK Government is positioning international trade as a central pillar of the post-COVID-19 recovery. There is an opportunity to not only preserve the UK’s trading strengths but also look anew at how UK-based FPS can support firms across all sectors of the UK economy to trade internationally. The UK’s international financial reach is unparalleled. The value of UK’s net financial services exports is considerably higher than in other global financial centres. But this is only part of the picture. Up and down the country, businesses large and small, and from all economic sectors are benefiting from the UK’s unique FPS offer to help them access international markets. "While conducting our research, it became clear that the FPS ecosystem is brimming with ideas about how it can expand its support for UK firms to trade internationally. We encourage all players – government, professional bodies, FPS firms – to think creatively to support UK export success.” Sally Jones, Partner, Trade Strategy, EY 33.7% Services value-added content accounted for 33.7% of the value of UK manufacturing exports in 2015. This analysis shines a light on the enabling roles played by three key sub-sectors of the complex FPS ecosystem: legal services, trade finance provision and maritime services. The report concludes by setting out a series of practical policy recommendations which, if enacted, could be crucial in helping the UK realise the opportunities and rise to the challenges posed by the UK’s new and uncertain place in the global trade economy. Above all, the UK should adopt a more holistic approach to policymaking and treat services trade and goods trade as interdependent and mutually supportive. The resulting benefits will include greater export volumes underpinning jobs and growth across the whole of the UK. “In these uncertain times, we have an imperative to explore how the UK FPS can support globally trading firms still further.” Catherine McGuinness Share: Share to LinkedIn LinkedIn Share to X Share to Facebook Facebook Share to WeChat WeChat Share to WhatsApp WhatsApp Share to Email Email Download Related content Research Report State of the sector 2024 Nov 2024 - The financial services sector is a major driver of the UK's economy. Securing its competitiveness is critical for future prosperity across the economy. State of the sector 2024 Research Report City statistics briefing Nov 2024 - The City Statistics briefing looks at the City of London's role as a global business hub for financial and related professional services. City statistics briefing Research Report Scaling transition finance Oct 2024 - This report sets out TFMR's recommendations on how to scale a high-integrity transition finance market that can support both UK and global decarbonisation and net zero ambitions. Scaling transition finance Research Report Expanding into the UK | a guide for international financial services firms Oct 2024 - This guide is intended to help non-UK firms understand the UK financial services regime and gives practical guidance about how they can do business u the UK. Expanding into the UK | a guide for international financial services firms