It’s easy to write off the UK as a nation in decline, as debt-to-GDP rises, GDP per capita declines and the millions choosing not to work, rather than take a job reaches the 5 million mark. But London still remains a global financial epicentre, certainly in terms of insurance and insurtech. Here’s the word;
Despite ongoing global economic challenges, the UK remains the world’s largest financial services net exporter (exports minus imports), generating a trade surplus of $127bn in 2024, ahead of the US ($64.2bn), and more than the combined surpluses of Singapore ($37.7bn), Switzerland ($31bn) and Luxembourg ($30bn).
When related professional services are also considered, TheCityUK estimates the UK’s combined financial and related professional services trade surplus was £119.1bn ($152.5bn) in 2024.
The 2025 iteration of TheCityUK’s ‘Key facts about the UK as an international financial centre’ report also shows that the UK’s largest trading partner in financial and related professional services is the US, with 35.1% of total sector exports, followed by the EU at 31%, with Luxembourg (4.9%), Ireland (4.9%) and France (4.3%) being the top three destinations for exports in the bloc.
The report sets out the latest facts and data underpinning the UK’s position as one of the world’s foremost international financial centres.
Anjalika Bardalai, Chief Economist and Director of Research, TheCityUK, said:
“The global economic landscape remains highly uncertain, with geopolitical tensions once again to the fore and the impact of any increased market volatility also potentially in prospect. Against this backdrop, UK-based financial and related professional services exports remain resilient, with their exports a particular measure of their ongoing strength.
“The UK’s substantial trade surplus in financial services and its market-leading positions in a number of financial services and related professional services sectors reinforce its position as a leading global hub for such services and the important contribution these sectors make to the domestic economy.”
Other key facts from the report include:
Banking:
o UK banking sector assets reached $13.3trn (£10.1trn) at the end of Q3 2025, making it the fourth largest centre globally and second in Europe.
o The UK is the world’s largest centre for cross-border banking, accounting for 14.6% of the total outstanding value of international bank lending in Q2 2025, the highest in the world. This percentage has remained relatively stable over the last decade.
o London hosts more than 160 foreign banks or branches.
o The UK accounts for 38% of global foreign-exchange turnover, with twice as many US dollars traded in the UK than in the US.
o London remains the biggest renminbi foreign exchange centre, accounting for 43.1% of total offshore renminbi transaction in December 2024, up 5.8% on December 2023.
Insurance:
o The UK insurance sector is the largest in Europe, with $554bn (£433bn) in gross written premiums in 2024.
o London holds a 43% share of the global market for specialty risk classes.
o The UK is Europe’s largest source of pension funds, with $3.2trn (£2.5trn) in Assets under Management in 2024.
Equity Trading:
o 259 foreign companies were listed on the London Stock Exchange as of October 2025, placing London as the fourth-ranked stock exchange globally.
o The UK has one of the highest equity market capitalisations in relation to GDP of the largest countries – 83.8% at the end of 2024.
Green finance:
o The UK issued $31.9bn (£24.9bn) in green bonds in 2024, ranking sixth globally and third in Europe.
o There were 564 active sustainable bonds listed on the LSE from over 137 issuers by the end of 2024, which have raised around $341bn (£266.4bn)
FinTech:
o The UK attracted $3.6bn (£2.8bn) in FinTech investment across 546 deals in 2024, maintaining its position as the world’s second largest destination for FinTech investment after the US.
o The UK attracted more financial services investment than the following five largest European countries put together, confirming its status as a premier centre for innovation and expansion in the sector.
Related professional services:
o The UK remains Europe’s largest legal services market, valued at £52.3bn in 2024, and is second only to the US globally.
o Turnover in UK management consultancy services increased by 66% over the past decade, reaching £92bn in 2024.
o The UK occupies a key position in the delivery of accounting services worldwide, with many of the largest global firms headquartered here.
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