US Overtakes European Union as UK’s Biggest Financial Trade Partner

An aerial view of the Thames River in London from the air with the Shard and Tower Bridge in the foreground, in London, on Sept. 5, 2011. Tom Shaw/Getty Images

The United States overtook the European Union to become Britain’s biggest export market for financial services after Brexit saw a shift in focus away from the continent, according to a report published Wednesday by a UK financial services advocacy group.

European investors and financial markets were cut off from the United Kingdom after its departure. Afterward, exports to the bloc fell 6.6 percent to $33 billion in 2020 when compared to the previous year, according to the report by TheCityUK. Exports to the United States, meanwhile, went up 5.3 percent, in addition to an increase of 4.1 percent to non-EU countries.