Brexit doubters proved fallacious as City named high European funding vacation spot
Britain has been named Europe’s high vacation spot for abroad monetary providers funding proving Brexit naysayers fallacious.
A survey by consultancy EY discovered that the UK had attracted 76 monetary providers tasks final 12 months – up 13 from 2021.
Britain was nicely forward of France which got here second on 45, whereas Spain and Germany had been tied third with 31.
Anna Anthony, UK monetary providers managing associate at EY, stated: “The strength of the UK financial market has meant that – even through challenging times – investors see it as the most attractive European financial services market.
“A lot has happened in the seven years since the EU referendum, and the UK has faced strong competition from its closest competitors.
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“Our research shows that investors recognise the strength, gold-standard governance and resilience of the UK’s financial system and see it as the preferred destination for growth, innovation and access to top talent.
“Of course, we can’t be complacent. Industry and government focus on raising market attractiveness is key and should align with what matters to investors – such as levelling up, enhancing social infrastructure and upskilling local talent – to ensure UK financial services retains and continues to extend its leading role on the global stage.”
The analysis discovered London is the main European metropolis for attracting international funding in monetary providers.
The City secured 46 tasks in 2022, up from 39 the 12 months earlier than.
Paris was second on 35, Madrid third with 22, whereas Milan attracted 16 tasks in fourth place.
Chris Hayward, coverage chairman on the City of London Corporation, advised City AM: “London continues to guide Europe in attracting international direct funding in monetary providers, and the sector is proving resilient regardless of the worldwide challenges dealing with the UK economic system.
“That is sweet news for each family, as a result of a robust City creates the wealth and jobs that help the economic system and fund our public providers.”