The UK services sector accounts for 80% of the GDP and four in five jobs across the country, covering everything from business and financial services, technology, television, music and film, fashion and design, education and health services, travel and tourism, the UK’s exports to the EU were £110.8bn.
In the event of no deal, the UK would revert to trading on World Trade Organisation (WTO) terms which will result in some of the UK’s most successful exporting sectors, such as broadcasters, financial, professional and business service providers facing restricted access to the EU. This would damage businesses creating jobs across the country because while most service exports (EU and non-EU) originate from London and the south east, the north east and west midlands send about 50% of their services exports to the EU, making them more proportionally exposed to no deal.
A no deal Brexit would be deeply damaging to the UK services sector. The CBI has set out five key steps politicians need to take in order to deliver a good deal for services post Brexit.