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Key Facts About the Uk As an International Financial Centre

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Key Facts About the Uk As an International Financial Centre = $ % € £ KEY FACTS ABOUT THE UK AS AN INTERNATIONAL FINANCIAL CENTRE JULY 2015 02 CONTENTS CONTENTS FOREWORD 03 KEY FACTS 04 CENTRAL ROLE OF LONDON AND THE UK IN THE GLOBAL ECONOMY 06 INTERNATIONAL FINANCIAL MARKETS IN LONDON AND THE UK 10 1 Banking 10 2 Insurance 11 3 Equity and bond markets 12 4 Fund management 13 5 Derivatives 15 6 Commodities trading 16 7 Carbon markets 16 8 Maritime services 16 9 Islamic finance 18 10 Public Private Partnerships 19 ROLE OF LONDON AND THE UK AS A GLOBAL PROVIDER OF PROFESSIONAL SERVICES 20 1 Legal services and dispute resolution 20 2 Accounting services and management consultancy 22 3 Financial services education and training 22 KEY FACTS REPORT | JULY 2015 FOREWORD 03 FOREWORD FROM CHRIS CUMMINGS CHIEF EXECUTIVE, THECITYUK London and the wider UK is the leading global international financial and related professional services centre. The UK’s trade surplus in financial services of $95bn in 2014, was more than the combined surpluses of the next three leading countries (US, Switzerland and Luxembourg). The UK has the leading share of trading in many international financial markets such as cross border bank lending (17%), international insurance premium income (26%) and foreign exchange trading (41%). It is also a global leader in providing professional services. The UK is the heart of Europe’s financial system with London being its pre-eminent financial capital. London’s major competitors include New York, Hong Kong, Tokyo and Singapore, with Asian centres gaining advantage in recent years from the shifting global trade patterns. At the next level Shanghai and Toronto are being joined by the likes of Istanbul and Dubai as they seek to develop their offerings, often with the assistance of UK-based firms and their expertise, through TheCityUK’s network of international relationships. This is not a zero sum game. The growth of emerging international financial centres may increase their market share, but at the same time this will grow the UK’s business volumes. An important and necessary step forward in recognising the value of the industry came with the creation of the Financial Services Trade and Investment Board (FSTIB) in 2013. The FSTIB brings HM Treasury, UKTI, FCO, BIS and TheCityUK together to identify trade and investment priorities and to support UK based firms in pursuing these vigorously across the globe. We look forward to continuing to work with the Government, our members and the wider financial and related professional services industry to extend the promotion of the sector in international markets. Governments across the world are more focused on growing their economies and supporting jobs for their people than perhaps at any time since the recession. That means that the UK’s ability to continue to attract high levels of foreign direct investment, and the jobs it creates, can only be assured if it remains an attractive place to invest. The UK enjoys a clear competitive advantage in financial and related professional services but we need to make sure that this competitive advantage is not lost. It must remain the place in which and from which business opportunities can be pursued. This Key Facts report serves as a reminder of why the UK’s leading global position in international financial markets should be valued and supported. KEY FACTS REPORT | JULY 2015 04 KEY FACTS KEY FACTS BANKING: The UK has the fourth largest banking $95bn centre globally. London 250 is home to over 250 The UK is the leading exporter foreign banks foreign banks – more of financial services across than any other centre. the world. Its trade surplus of The UK accounts for 17% $95bn in 2014 was more than of international bank twice the next largest trade lending – more than any surplus, recorded by the US. other centre. FUND MANAGEMENT: UK assets under management totalled a record £6.2 trn in 2013, the second largest in the world. $3.3 Around a third of this was trillion £6.2 managed on behalf of foreign trillion clients. The UK is also the leading Bond Market: The outstanding European centre for management value of international bonds of hedge funds, sovereign wealth in the UK totalled around funds and private equity funds. $3.3 trillion at the end of 2014. ACCOUNTING AND MANAGEMENT CONSULTING: Management consulting has been one of the fastest growing industries in the UK in recent years. The UK has become Europe’s leading PPP: Over 100 countries are currently looking centre for management consulting, generating at how to introduce Public Private Partnerships. some 13% of global fee revenue. the long-running experience and expertise of the UK in managing private finance projects offers a way to help plug the global infrastructure investment gap in the coming years. 13% KEY FACTS REPORT | JULY 2015 KEY FACTS 05 INSURANCE: The UK insurance industry is the largest in Europe 500 $ ¥ and third largest EQUITY MARKET: Over 500 foreign £ € in the world. companies are listed in London (listed The UK accounts for 41% of on the Main Market and quoted on AIM). global foreign exchange The UK has the highest equity market trading. More US dollars are capitalisation in relation to GDP of the traded in the UK than in the US. largest economies. ISLAMIC FINANCE: Around 20 DERIVATIVES: The UK is the leading banks, of which six are fully derivative centre worldwide, Sharia licensed ARE BASED IN accounting for 49% of trading in THE UK. This is more than in MARITIME SERVICES: The UK is the interest rates OTC derivatives. Major any other western country. leading centre in the supply of a derivatives exchanges located in broad range of professional and London account for around 15% of business services to the global global trade in commodities. maritime community. Shipbrokers in London perform a key global role in matching ships and cargoes. 49% LEGAL SERVICES AND DISPUTE RESOLUTION: 3 of the largest 5 law firms in the world based on headcount have their main base of operations in the UK; 200 foreign law firms have offices in the UK; 24,000 commercial and civil disputes were resolved in the UK EDUCATION AND TRAINING: Professional through arbitration, mediation and adjudication in 2013. English institutions in the UK collectively have common law is the most widely used legal system in the world, a membership of around 1 million, of covering 27% of the world’s 320 legal jurisdictions whom nearly a fifth are from overseas KEY FACTS REPORT | JULY 2015 06 CENTRAL ROLE OF LONDON AND THE UK IN THE GLOBAL ECONOMY CENTRAL ROLE OF LONDON AND THE UK IN THE GLOBAL ECONOMY The UK is a major global hub for international wholesale finance. Within the UK, the importance of London is core to its international position but other cities such as Edinburgh and Glasgow in Scotland; Birmingham, Bristol, Leeds, Liverpool, bn Manchester, Norwich, Reading and Sheffield in England; Cardiff in Wales; and Belfast $95 in Northern Ireland are also important financial centres. A strong London is good for The UK’s financial the regional economies, but it is very much a symbiotic relationship. Strong regional services trade surplus centres increase the global appeal of London by widening the talent pool and offering of $95bn in 2014 growth opportunities for financial and related professional services firms. was double that of UK – the leading exporter of financial services across the world The UK’s financial the next largest trade services trade surplus of $95bn in 2014 was more than the combined surpluses of the surpluses recorded next three leading countries (US, Switzerland and Luxembourg). When the estimated by the US. trade surplus for related professional services – legal services, accountancy and management consultancy – is also taken into account, this figure climbs to $110bn. The UK’s largest trading partners are the US and other EU Member States. In addition, other advanced economies, such as Switzerland, Japan, Australia and Canada feature prominently in UK trade, as do emerging economies such as China, the UAE and India and other international financial centres such as Hong Kong and Singapore. LARGEST GLOBAL NET EXPORTERS OF FINANCIAL SERVICES FINANCIAL SERVICES NET EXPORTERS, 2014 Luxembourg UK $95bn UK Switzerland US $36bn US Switzerland $24bn Hong Kong Luxembourg $23bn Singapore $15bn Singapore Hong Kong $13bn Source: UNCTAD PERCENTAGE OF WORLD GDP (based on purchasing power parity) 70 60 Emerging market and developing economies 50 40 Advanced economies 30 20 10 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Source: IMF KEY FACTS REPORT | JULY 2015 CENTRAL ROLE OF LONDON AND THE UK IN THE GLOBAL ECONOMY 07 The Financial Services Trade and Investment Board (FSTIB) FSTIB has brought together the UK Government with industry to identify opportunities for growth across the UK financial The UK has a strong record in managing financial and professional business from services industry. It has been set up to share skills developed economies. Developing economies also require financial services to and expertise on a number achieve further progress in industrial development, infrastructure investment, poverty of campaigns with specific objectives to enable growth reduction and promotion of financial inclusion. The volume of trade with these on a sector by sector basis countries has great potential for growth due to the rise in the importance of emerging and to support UK firms in markets to the global economy. The UK has been able to support them through its pursuing these projects across the world. leading role in many international financial markets. FSTIB and its associated working group are made up of a broad set of FINANCIAL MARKETS SHARE BY COUNTRY (%) stakeholders.
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