The US overtakes the EU as the main customer of the City of London

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London, Dec 8 (EFE) .- The United States has surpassed the European Union (EU) as the main destination for financial services exports from the City of London, after a business decline with the community bloc during 2020, according to data published this Wednesday by the employer TheCityUK.

The total value of financial services that the United Kingdom offers abroad remained stable last year, at 82,400 million pounds (96,200 million euros), but the flow to the European Union fell by 6.6%, to 24,700 million pounds (28.8 billion euros).

In the same period, services exported to the United States increased by 5.3% and total business with countries outside the European bloc increased by 4.1%, to 57.7 billion pounds (67.4 billion euros), according to figures from TheCityUK.

After this evolution, the United States now represents 34.2% of the United Kingdom’s financial services abroad compared to 30% in the European Union, with which the British Government still has to close an agreement on the regulation of the sector after Brexit .

The UK formally left the EU on January 31, 2020, although the agreed transition period meant that the country’s rules and legal status did not change in practice until January 1, 2021.

“This report demonstrates the resilience and adaptability of the industry in the face of the acute challenges and changes brought by both Brexit and the pandemic,” Anjalika Bardalai, chief economist of the sector’s employers’ association, said in a statement.

“The UK’s status as a leading global financial center is at risk unless industry, government and regulators work together to drive long-term competitiveness, deepen key business links and focus on new areas of business. future global growth, “he said.

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TheCityUK underlines in the report published today that the UK banking sector held assets of 10.3 trillion pounds (12.4 trillion euros) at the end of the first half of 2021.

British banks are in third place globally in assets and first in Europe, compared to France (11.67 billion euros), Germany (9.9 billion euros) and Italy (4.24 billion euros).

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