As a proud export business operating from the UK, we are becoming increasingly aware of the importance of exporting to the economy. Our business supports global companies, and 75% of our work is sourced from outside the UK, so we are committed to success in exporting.
This blog provides an overview of the export of professional services across different regions of Britain. It is based on the "Exporting from across Britain: Financial and Related Professional Services 2023" report published by TheCityUK. Thank you to Chief Economist and Head of Research, Anjalika Bardalai, for providing us with access to the report which was presented at an International Trade Week event held by Department of Business and Trade.
The financial and related professional services industry plays a crucial role in the UK economy, contributing over 12% of the country's total economic output and employing nearly 2.5 million people. While London is often seen as the hub, this report highlights that all areas of Britain play a key role in driving growth through professional export services. In fact, 47% of these exports come from outside London!
NPH represents the northern economy of the UK, and is where our business is based. Our CEO Kath Darlington is an NPH Export Champion working with Department of Business and Trade to represent the strength of exports from this region of the UK.
Financial and related professional services exports from businesses located in the North West reached £8.9 billion in 2021, accounting for 6.6% of Great Britain's total exports in this sector. The region’s consistent growth made it one of the fastest-growing regions in the industry.
In 2021, the East Midlands saw an 18.4% increase in financial and professional services exports, reaching £3.1 billion, contributing 2.3% to Great Britain's total exports from this industry.
The East of England accounted for 4.1% of Britain’s total exports in financial and related professional services.
As usual, London dominated, exporting 53.2% of Great Britain's total (£71.6 billion). The South-East also contributed 10.7% (£14.4 billion) to total industry exports.
Scotland exported an impressive £9.2 billion, experiencing a steady 7% annual average growth between 2017 and 2021.
In her role as an Export Champion our CEO, Kath Darlington is able to point to government support for UK businesses to export and also to support businesses in their own export journey. If you have any questions, especially about North America, Europe and China, why not get in touch?