Huw Jones

LONDON (Reuters – In the wake of Brexit, the United States was Britain’s top export market in financial services, surpassing the European Union, whose sales fell in 2020. This was according to TheCityUK lobby group.

The EU was Britain’s single largest customer, but the financial sector in Britain has been cut off since December last year when Britain left.

The total exports of financial services remained stable at 82.4 million pounds ($109.07 trillion) for 2020. The EU saw exports fall 6.6%, to 24.7billion pounds. However, non-EU countries saw an increase of 4.1% at 57.7billion pounds.

According to TheCityUK which promotes Britain’s overseas financial sector, exports to America rose by 5.3%.

Britain’s surplus in financial services trading of $80.6 million is the highest worldwide. This figure is almost the same as that of Singapore and the United States, which together account for $91.7 billion.

In the meantime, the EU is increasing its independence in finance. It’s not likely that Britain will have unrestricted access to European investors and financial markets.

“The UK’s status as a world leading financial centre is at risk unless industry, government and regulators work together to boost long term competitiveness, deepen key trade links, and focus on new areas of future global growth,” said Anjalika Bardalai, TheCityUK’s chief economist and head of research.

Britain has revised its financial regulations to ensure London remains a top global financial center. This is to compete with New York and other EU countries.

($1 = 0.7555 pounds)