The North is rapidly cementing its status as a global powerhouse for the UK’s service-led economy. New data from TheCityUK reveals that financial and related professional services exports from the North West and Yorkshire and the Humber collectively reached nearly £19bn in 2023, underscoring the region's massive contribution to national trade.

The report, ‘Exporting from across Britain 2026’, highlights a significant shift in the UK's economic landscape: nearly half (49%) of all industry exports now originate outside of London. Crucially, every single region and nation in the UK recorded export growth this year, proving that the drive for global market share is a truly national effort.

Yorkshire and the Humber: The Growth Leader

Yorkshire and the Humber emerged as a standout performer, with exports jumping 15.1% to reach £9bn. This surge created a substantial £4.6bn trade surplus for the region, reflecting the high international demand for local expertise.

John Walsh, TheCityUK Chair for the region, noted that the community of firms across Yorkshire and the Humber is now "highly regarded" on the world stage. "The industry’s strong export growth highlights just how far-flung that expertise is sought," he said, noting the region's pivotal role in supporting the UK as a leading global financial centre.

North West: Maintaining Heavyweight Status

The North West remains a dominant force, ranking as the third largest exporting region outside of London. Exports from the region grew by 13.4% to reach £9.5bn, representing 5.5% of Britain’s total industry exports.

Lyndsey Fallon, TheCityUK Chair for the North West, credited this success to the "depth of expertise and skills" found across the region’s established financial hubs.

The Global Reality

The fact that the North now contributes such a significant portion of the UK’s £465bn total services exports demonstrates that the "Northern Powerhouse" is no longer just a policy concept—it is a global reality. As goods exports declined nationally by 3.6%, the North's service sector has become a vital engine for UK growth.

A Roadmap for Continued Dominance

To ensure the North continues to outpace global competitors, the report recommends five key policy priorities for the government:

Enhanced Trade Intelligence: Better coordination between mayoral combined authorities and overseas posts to identify specific regional strengths.

Digital Hub Status: Prioritising trusted cross-border data flows to unlock new opportunities for digital service exports.

Global Talent: Ensuring the UK remains a welcoming destination for the highly skilled international workers who drive innovation.