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LNB NEWS: TheCityUK report says UK’s legal services market is second only to the US globally

19 January 2023
Categories: Legal News , Legal services , Banking
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TheCityUK has published its annual report setting out key facts about the UK as an international financial centre, which it says confirms the UK as the world’s leading net exporter of financial services. 

Lexis®Library update: The report also finds that the UK is the largest legal services market in Europe and is second only to the US globally. It accounts for a third of Western European legal services fee revenue and around 5% of global legal services fee revenue (£520.5bn in 2021).

TheCityUK says the UK remains the leading net exporter of financial services across the world (£63.7bn), followed by the US (£62.5bn), Singapore (£19.4bn), Switzerland (£18.6bn) and Luxembourg (£18bn).

The UK’s largest trading partner in financial services continues to be the US, with 34.1% of total sector exports, followed by the EU at 29%, with Luxembourg (6.3%), Ireland (4.4%) and France (4.2%) being the top three destinations in the bloc.

The report also notes that the UK maintains a globally leading share of a number of financial markets, including 15% of the global total of cross-border bank lending in the second quarter of 2022.

The report also includes statistics on the UK’s global position on fintech, currency trading, insurance, private equity and equity trading.

Source: UK confirmed as the world’s leading net exporter of financial services

Key facts January 2023 about the UK as an international financial centre 2022

This content was first published by LNB News / Lexis®Library, a LexisNexis® company, on 18 January 2023 and is published with permission. Further information can be found at: www.lexisnexis.co.uk.

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