Britain Leads as Top Financial Services Exporter Despite Brexit Woes
Latest data released by TheCityUK reveals that despite Brexit woes, Britain’s financial services sector continued to perform well. Exports of financial and related services from Britain climbed 5% higher to nearly 83 billion pounds in 2018 from around 79 billion pounds during 2017.
The financial services sector is one of the strongest in Britain and these numbers have been encouraging, pointing to a growth in the sector despite several other sectors witnessing a slowdown amidst rising uncertainties about Britain’s departure from the EU. Britain continues to hold on to its lead as the world’s largest exporter of financial services, with exports touching 61.9 billion pounds in 2018.
While British markets turned optimistic following Johnson’s win in the recent elections and his promise to get Brexit done by the latest deadline, there are tensions about his hard deadline for the end of the post-Brexit transition period of December 31, 2020. Markets remain concerned about whether Britain can successfully ink beneficial trade agreements with other nations, especially the EU, in less than a year after its departure from the Union.
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