Commenting on the ONS UK Balance of Payments data released today, Chris Cummings, Chief Executive of TheCityUK, said:
“Financial and professional services continues to be one of the few sectors currently contributing to the UK economy’s drive for export-led growth. Today’s figures show that in the first half of 2012 financial and professional services contributed a balance of payments surplus of £23.0bn.
“Despite challenges in the international economy, and in particular the eurozone, the level of surplus is marginally up on the £22.9bn achieved in the first half of 2011. The first half figures have been helped by a pick up in the insurance sector’s trade surplus to £5.4bn, from £3.9bn in the same period of 2011. Overall, net exports in financial services are continuing to perform strongly and we anticipate that the trade surplus in 2012 will be close to the £46.7bn achieved in 2011.
“In order to sustain this performance, our financial and professional services companies more than ever need to focus on foreign markets beyond Europe. At home, it’s crucial that government supports these efforts by maintaining a competitive domestic environment, through tax, regulation, skills and infrastructure.
“TheCityUK has this week signed a memorandum of understanding in Sao Paulo with the Brazilian Services Coalition aimed at increasing cooperation and fostering trade links. It is this type of activity that must be nurtured and capitalised upon in order to build on the contribution of the financial services’ surplus to the UK’s balance of payments.”