CITY AM – Growth Machine
London firms doing the heavy lifting as UK services exports shoot up
CITY AM SAYS The City’s continued strength has helped push services to a record share of total exports, new research shows, but the relative weakness of the rest of the country has seen the UK slip internationally.
According to the Resolution Foundation, London’s services exports have grown by 47 per cent between 2016 and 2021, hitting £152.2bn.
This rapid growth has helped push services as a share of the UK’s exports to 56 per cent in the third quarter of last year, nearly double its equivalent level in 1997.
The rapid growth in the services sector also reveals the changing nature of the City, with exports in ICT and professional services – such as accounting and consultancy – outpacing growth in banking.
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