Welsh Financial Services Exports Experience Major Growth
New research released by TheCityUK, the representative body for the financial and related professional services sector, indicates a substantial increase in the value of exports from Wales. In 2023, these exports grew by 14.8% to reach £4.8 billion, highlighting the sector's expanding global reach.
Wales Leads in Growth Across Britain
The report, titled Exporting from across Britain: financial and related professional services 2026, provides a comprehensive analysis of the industry's performance. It reveals that nearly half (49%) of the UK's financial services exports originated outside London in 2023, with Wales accounting for 2.8% of the total.
Over the period from 2019 to 2023, Wales recorded the fastest annual average growth rate for financial and related professional services exports at 17%, outpacing other regions in Britain.
Regional Contributions and Economic Impact
The data underscores the critical role of services in Britain's overall economic position. While goods exports declined by 3.6% in 2023, total services exports rose by 14% to £465 billion. Financial and related professional services accounted for almost 40% (£174.3 billion) of all services exports.
In terms of regional breakdown:
- London contributed the highest at 51% (£89 billion).
- The south east of England followed with 10.4% (£18.1 billion).
- Scotland accounted for 6.9% (£12 billion).
- Wales's share was 2.8% (£4.8 billion), higher than the East Midlands (2%, £3.5 billion) and the north east of England (1.5%, £2.5 billion).
Within Wales, the Cardiff Capital Region saw financial services contribute 49.6% of all exports, while the Swansea Bay City Region accounted for 42.3%. Additionally, 28% of Welsh financial services exports were directed to the EU.
Expert Insights and Policy Recommendations
Tom Bray, TheCityUK chair for Wales and a partner at law firm Eversheds Sutherland, commented on the findings. "Wales has established a financial and related professional services industry that has deep and highly regarded expertise," he said. "Firms here are increasingly exporting that expertise to international markets. The significant uplift in industry exports shows that Welsh businesses are playing an important role in the UK's global services success, while supporting high-value jobs and investment across the country."
The report outlines five key policy recommendations for the government to prioritize:
- Drive growth across the UK by strengthening trade intelligence and commercial diplomacy.
- Deepen engagement to capture global market share.
- Accelerate partnerships with high-growth markets.
- Position the UK as a global digital services hub.
- Secure the talent needed for long-term competitiveness.
This growth in exports not only boosts the Welsh economy but also reinforces the UK's position as a leader in financial services on the global stage.
