Services sector is the most important economic asset, accounting for 80 per cent of total UK output - London Business News | Londonlovesbusiness.com

The services sector is critical to the UK economy, representing 80% of total output and over 40% of UK exports to the EU. However, Brexit has led to a 16% decline in services exports in EU markets due to the Trade and Cooperation Agreement's new licensing and residency requirements. Nearly half of service-exporting businesses cite red tape and access issues as significant barriers. Nonetheless, 70% of services exports can still be delivered remotely, while the remaining 30% face restrictions on in-person service delivery.

The services sector is the most important economic asset of the UK, accounting for 80% of total output, yet services exports have declined by 16% in EU markets due to Brexit-related barriers.

Before the Trade and Cooperation Agreement, UK professional services firms established strong relationships across the EU, with services constituting over 40% of UK exports to the EU.

The TCA introduced significant challenges for UK service exporters with new licensing and residency rules, leading nearly half of businesses to cite these factors as barriers.

Despite challenges, about 70% of UK services exports to the EU are delivered remotely without restrictions, yet 30% face limits in short-stay visits affecting in-person marketing.

Read at London Business News | Londonlovesbusiness.com