The UK’s booming services sector - what is the world buying from Brexit Britain?

Part Two of Facts4EU’s summary of the UK’s biggest success story – services

Montage © Facts4EU.Org 2023

Brexit Facts4EU.Org looks at what we’re selling around the world

Yesterday we reported on the latest data from the Office of National Statistics, showing how the UK’s exports of services has grown significantly since the British people voted to leave the European Union.

The Rt Hon Sir John Redwood MP kindly gave us his comments on our report, saying:

"Last year saw great growth in our service exports. All the time we were in the EEC/EU they kept barriers to service trade and did not negotiate free trade for services in their international trade agreements to help us. Out of the EU our service exports to the rest of the world are booming."

The UK’s strength in services

Part One – 25% growth in services exports, declining importance of EU market
Part Two – The UK’s most popular services internationally (Today's report)

Today we look at the specific services the world is buying from Brexit Britain - and they are buying these in increasing numbers.

The UK’s exports of services – in real terms – are up 25% since the year before the Referendum. Here we look at what the world is buying from the service skills available from the United Kingdom.

Brexit Facts4EU.Org Summary

The services the world bought from Brexit Britain last year

All amounts in £’s billions for 2022

Other Business Services : £125.8
Financial : £59.0
Travel : £49.0
Telecommunications, Computer & Information : £31.7
Insurance : £21.7
Intellectual Property : £19.6
Air Transport : £10.3
Sea Transport : £8.4
Manufacturing & Maintenance : £6.8
Personal, Cultural & Recreational : £5.1
Construction : £2.6
Government : £1.6
Postal & Courier : £1.3
Other Transport : £0.8
Total Exports : £343.7

[Source : UK Office for National Statistics, accessed 11 Apr 2023.]

Global Britain’s business brains

Our chart above shows how the world wants the UK’s business expertise. Grouping together the areas of ‘Other Business Services’, Financial, and Insurance gives a total of £206 billion for 2022. This represents just over 60% of the UK’s total exports of services to the world last year.

Observations

UK PLC is doing well in a post-Brexit world

There seems little doubt that British companies are growing in confidence and are looking to develop their overseas markets, as well as opening up new ones.

It is our opinion that this is one area where Government can take some of the credit. For years we have reported on the globetrotting exploits of successive Secretaries of State for International Trade – Dr Liam Fox, then Liz Truss, and now Kemi Badenoch. All of them have impressed us. Their successes matter – not just because of the new trade deals but because they get business people thinking about exporting more.

With the new CPTPP trade deal with the Trans-Pacific countries, the liberalisations achieved should further help British companies to export more services overseas.

We must get reports like this out there

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[ Sources: UK Office for National Statistics ] Politicians and journalists can contact us for details, as ever.

Brexit Facts4EU.Org, Tues 11 Apr 2023

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Reader Comments 8

1. Sparky , Tuesday, April 11, 2023, 06:15:

And yesterday’s related item included a graph which shows continued growth in services from 2015, a dip in 2019 then a significant drop due to Covid and finally current levels roughly at the same level as 2019.
.
Flat growth since leaving the EU.

2. Captain Thunderbolt , Tuesday, April 11, 2023, 07:47:

Looks higher to me and rebounding from inflationary pressures

3. Gazzablack , Tuesday, April 11, 2023, 11:31:

Benefits of EU membership.
.
The EU banking crisis cost Berlin €40bn, Ireland is liable for €41bn.
With fractions of the population and GDP of the EU's biggest state, the crisis has cost Ireland 25% of GDP and Germany 1.5%
.
Meanwhile it seems that Macron has appointed himself spokesperson for EU foreign policy, much to the annoyance of Germany and other member states.
If we'd stayed in he would have taken it upon himself to speak for us.

4. Catherine , Tuesday, April 11, 2023, 13:23:

@3 Gazzablack. Macron's worked out how he can still speak for us (and tell us what to do), even if we've brexited (or rather, brino-ed). It's a transparent wheeze, but looks like our trustworthy establishment are playing along. His baby is called the European Political Community. With any luck, he'll kybosh it the same way he's upsetting his fellow EU member states, purporting to speak for them.

5. ste , Tuesday, April 11, 2023, 14:58:

sparkless - NOT the same since leaving the EU dictatorship, because our leaders report to us not blind diktats from the corporate communist leaders

6. llwyd , Tuesday, April 11, 2023, 16:50:

Sparky. Flat growth? If somethings growing it’s hardly flat is it. You’re priceless.

7. jon livesey , Tuesday, April 11, 2023, 17:31:

3. Gazzablack , Good point about Macron. It seems to me that if we had still been EU members, Macron's statements would be enough to motivate us to leave.

8. Mikey , Thursday, April 27, 2023, 14:28:

Sparky.
"Ships? I spy no ships..."
Put the telescope to your other eye Sparky (or are you blind in both eyes?).

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