UK banks: 19% of the total volume of lending in emerging markets

Posted: June 29, 2011 in Burse, Politica si politici
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London financial services are a highly productive sector, with value added per employee that is more than double the UK average. The UK’s trade surplus in financial services in 2010 was nearly £36bn – a figure lower than the £46bn achieved in 2008, but still a powerful contribution to balancing the UK’s negative balance of trade in goods. The most recent research shows that UK banks handle 19% of the total volume of global lending in emerging markets.

Financial services is a sector in which the UK has enjoyed a clear comparative advantage contributing to the UK’s place in the world. It has been a pernicious argument in the years following the financial crisis that the prominence of the sector has somehow been achieved ‘at the expense’ of other sectors – as if the development of different sectors of the economy was some kind of zero-sum game in which the growth of one sector could only inhibit the advance of another.

Financial services is a sector in which the UK has enjoyed a clear comparative advantage contributing to the UK’s place in the world. Our figures show that financial services are a highly productive sector, with value added per employee that is more than double the UK average. The UK’s trade surplus in financial services in 2010 was nearly £36bn – a figure lower than the £46bn achieved in 2008, but still a powerful contribution to balancing the UK’s negative balance of trade in goods. Indeed, our most recent research shows that UK banks handle 19% of the total volume of global lending in emerging markets – a contribution to global development that should be sustained and fostered.

Chris Cummings
CEO, TheCityUK

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