Scotland records strong year-on-year financial and related professional-services exports growth

A new report from TheCityUK reveals that financial and related professional-services exports from Scotland grew by 16.3 per cent to reach £12bn in 2023 (the latest available data), underlining the nation’s continued strong contribution to one of Britain’s most important export industries.

The report, Exporting from across Britain: Financial and related professional services 2026, also reveals that in 2023, almost half (49 per cent) of the industry’s exports originated outside London, with Scotland accounting for 6.9 per cent of these exports and ranking as the second-largest exporting region and nation outside London.

It showed that all British regions and nations continued to have trade surpluses in financial services in 2023 (meaning financial-services exports exceed financial-services imports), with the sector in Scotland generating a £6bn surplus.

The data also highlight the importance of services to Britain’s overall economic position. While goods exports declined by 3.6 per cent, total services exports rose by 14 per cent in 2023 to £465bn, with financial and related professional services accounting for almost 40 per cent of all services exports. In Scotland, goods and services exports were relatively balanced in 2023.

Anjalika Bardalai, chief economist and director, economic research, TheCityUK, said:

“Financial and related professional services remain one of the UK’s greatest export strengths, accounting for almost 40 per cent of all services exports and 22 per cent of total UK exports.

"While goods exports fell in 2023, services exports continued to grow strongly, with the industry contributing around a quarter of that increase.

"Scotland plays a particularly important role in this success: industry exports from Scotland reached £12bn in 2023, rising by more than 16 per cent year on year – one of the fastest growth rates anywhere in Britain. This underlines the significant contribution Scotland makes to the UK's international competitiveness.”

Exporting from across Britain: Financial and related professional services 2026 | TheCityUK

Pictured: Anjalika Bardalai