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Published online by Cambridge University Press: 01 January 2020
The value of exports to the domestic UK economy does not equal gross export flows, as some of the value-added within UK exports may have been generated abroad. For key business and financial service industries we present new and initial estimates giving a lower bound for the value-added component of exports generated directly by the domestic exporting sector, called the direct domestic value-added component of exports. Our initial estimates suggest that at least 38 per cent of UK monetary financial institutions (MFIs) exports in 2016 was direct domestic value-added amounting to £14.6bn, of which £5.0bn came from exports to the EU. These initial estimates suggest that approximately 80 per cent of accountancy and legal services exports in 2014 were direct domestic value-added amounting to £1.7bn and £5.2bn respectively, of which £500mn and £1.7bn came from exports to the EU respectively.
Any views expressed are solely those of the authors and so cannot be taken to represent those of the Bank of England or the Office for National Statistics or to state Bank of England policy. This paper should therefore not be reported as representing the views of the Bank of England or members of the Monetary Policy Committee, Financial Policy Committee or Prudential Regulation Committee. The authors are grateful for the comments from colleagues at the Bank of England, the Economic Statistics Centre of Excellence, the National Institute of Economic and Social Research and the Office for National Statistics on this work. Particular thanks are due to Adrian Chesson, Perry Francis, Richard Heys, John Lowes, Elias Razak and Rebecca Riley. The estimates presented in this paper should be viewed as preliminary and may be revised in future work. Disclaimer: This work contains statistical data which is Crown Copyright; it has been made available by the Office for National Statistics (ONS) through the Secure Data Service (SDS) and has been used by permission. Neither the ONS nor SDS bear any responsibility for the analysis or interpretation of the data reported here. This work uses research datasets which may not exactly reproduce
Ebell, et al. Supplementary Material
