<p class="text-align-justify"><strong>Trade in financial services</strong></p>

<p class="text-align-justify">In 2019, the financial service trade surplus of the UK was 41.1 billion which was almost similar to the subsequent two largest exporters i.e., Switzerland and the United States, together, highlighting the competitive positioning of the UK in the international financial market. Likewise, the United Kingdom holds the largest proportion of trading in several other international financial sectors including, cross-border bank loans, international insurance and foreign exchange trading.</p>

<p class="text-align-justify">Financial services exports totaled £59.2 billion in 2019, whereas imports totaled £18.1 billion, giving&nbsp;£41.1 billion of&nbsp;trade surplus. Financial services accounted for 19% of all exports and 8% of all imports in the United Kingdom.</p>

<p class="text-align-justify"><strong>Tax in Financial Services</strong></p>

<p class="text-align-justify">Forecasts of the financial sector’s corporation taxes are published by the City of London Corporation. All the figures are approximated on the basis of PricewaterhouseCoopers (PwC) study. And according to this research, in 2019, the financial sector paid 75.5 billion for the taxes, accounting for over 11% of the total tax collected by the government.&nbsp;</p>

<p class="text-align-justify">Covid-19's effects on the financial services</p>

<p class="text-align-justify">Like all other sectors, the financial service sector has also been disrupted by Covid-19. Since, employees can work remotely; the financial service sector is seen to be more immune to the financial consequences of COVID-19 than other sectors.&nbsp;</p>

<p class="text-align-justify">In April 2020, when the crisis was at its worst, the output generated by the financial service was 5% lower than it had been before the pandemic. Output was seen to be lowered by 3% in November 2020 compared to that of February.</p>
