Britain took the lead in global financial services exports in 2016 but Brexit intimidated to raise barriers to its largest market in Europe, TheCityUK said on Friday.
The organisation, that elevates Britain as a financial hub, said banks, insurers, asset managers, accountants and lawyers who provided support to them, made a net total trade surplus of $93.6 billion in 2016, above the next two top countries, US and Switzerland, combined.
“But, we can’t take this stance with levity,” Anjalika Bardalai mentioned, TheCityUK’s head economist and research.
“Brexit might create some economic conflict with our biggest trading partner – the EU and with an upsurge figure of regional and specialist centres coming up in Asia and other places – it is prominent that United Kingdom explores new trading and investment opportunities.”
It should also to upgrade trade with stale major partners like the US and Japan, TheCityUK said.
Britain will send a trade contingent to China this weekend that will involve financial services firms like the London Stock Exchange (LSE.L) to drum up trade and help cover any lapse in business lost as a result of Brexit.
“As markets such as China and India are growing very fast, flows of trade are still comparatively small, showing potential for the future,” Bardalai said.