The UK generated a financial services trade surplus of $127bn in 2024, which kept it ahead of the US on $64.2bn and above the combined surpluses of Singapore, Switzerland and Luxembourg.

TheCityUK estimates that when related professional services are added, the UK’s overall financial and related professional services trade surplus reached £119.1bn, or about $152.5bn, underlining the scale of exports generated by the wider ecosystem.

The latest edition of TheCityUK’s “Key facts about the UK as an international financial centre” report shows that the US remains the UK’s largest trading partner for financial and related professional services, taking 35.1% of total sector exports.

The EU ranks second with a 31% share, with Luxembourg, Ireland and France as the top three destinations inside the bloc.

Report Highlights Resilience and Uncertainty

TheCityUK frames the numbers against a backdrop of geopolitical tension and a fragile global outlook, where higher volatility could test the resilience of cross‑border finance.

The report shows that the banking system remains a core pillar of the UK’s international offering, with sector assets reaching $13.3trn at the end of the third quarter of 2025, making it the fourth largest banking centre globally and second in Europe.

The country also ranks as the world’s largest cross‑border banking hub, accounting for 14.6% of the total outstanding value of international bank lending in the second quarter of 2025, a share that has held relatively stable over the last decade.

London continues to act as a magnet for foreign lenders, hosting more than 160 foreign banks or branches. The UK remains dominant in foreign exchange, with 38% of global FX turnover and twice as many US dollars traded in the UK as in the US, while London also stands as the biggest offshore renminbi FX center, handling 43.1% of total offshore renminbi transactions in December 2024, up 5.8% year‑on‑year.

Insurance, Pensions and Equity Markets

Beyond banking and FX, the UK retains weight across insurance and capital markets. The insurance sector is the largest in Europe, with $554bn in gross written premiums in 2024, and London holds a 43% share of the global market for specialty risk classes.

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The UK is also Europe’s largest source of pension funds, with pension assets under management of $3.2trn in 2024, highlighting the depth of its long‑term savings pool.

Equity markets remain a significant part of the UK’s capital markets footprint. As of October 2025, 259 foreign companies were listed on the London Stock Exchange, placing London as the fourth‑ranked stock exchange globally by this metric.

The UK recorded one of the highest equity market capitalizations relative to GDP among major economies, standing at 83.8% at the end of 2024.

Green Finance Gains Traction

The report indicates that green and sustainable finance continues to grow as a feature of the UK market. The country issued $31.9bn in green bonds in 2024, ranking sixth globally and third in Europe by issuance volume. The London Stock Exchange hosted 564 active sustainable bonds from more than 137 issuers by the end of 2024, and these instruments together raised around $341bn.

The UK remains a major FinTech destination despite a tougher global funding environment. In 2024, UK‑based FinTech firms attracted $3.6bn across 546 deals, retaining the country’s position as the world’s second largest FinTech investment hub after the US.

Related professional services continue to reinforce the UK’s financial hub status and contribute significantly to exports. The UK remains Europe’s largest legal services market, with a value of £52.3bn in 2024, and it ranks second globally only behind the US.

Management consulting and accounting services also form an important part of the picture. Turnover in UK management consultancy services increased by 66% over the past decade to reach £92bn in 2024, reflecting growing demand for advisory support around strategy, regulation and technology.

This article was written by Jared Kirui at www.financemagnates.com.Retail FXRead More

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