The United States overtook the European Union to become Britain’s biggest export market for financial services after Brexit saw a shift in focus away from the continent, according to a report published Wednesday by a UK financial services advocacy group. European investors and financial markets were cut off from the United Kingdom after its departure. Afterward, exports to the bloc fell 6.6 percent to $33 billion in 2020 when compared to the previous year, according to the report by TheCityUK. Exports to the United States, meanwhile, went up 5.3 percent, in addition to an increase of 4.1 percent to non-EU countries. Altogether, the combined financial service exports from the UK remained the same for both years at $109 billion despite restrictions posed by the pandemic. The positions reversed roughly from 2019 as the United States received 34.2 percent of all exports, while the European Union got 30 percent. TheCityUK is an …
US Overtakes European Union as UK’s Biggest Financial Trade Partner
December 8, 2021
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