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Not reported on the BBC...

The UK continues to be Europe’s most attractive location for international investment into financial services, according to EY’s latest UK Attractiveness Survey for Financial Services, attracting 63 projects in 2021 – an increase of seven projects from 2020. Europe’s second most popular FDI location, France, also secured an increase in investment, recording a total of 60 projects (11 more than in 2020) and narrowing the gap with the UK to just three projects.

Looking beyond the headline numbers, analysis of the FDI data shows that the UK secured a greater number of ‘new’ projects (as opposed to expansions of existing projects), which tend to involve higher levels of job creation.

Out of the 63 UK financial services projects recorded in 2021, 54 were new projects and nine were expansions. France meanwhile attracted 35 new projects and 25 expansions.

While markets such as the UK and France saw an increase in the number of financial services investment projects secured, FS FDI across Europe as a whole fell by 2.8%, representing the third annual decline in succession. Germany, which for much of the past decade was the second largest recipient of finance projects, also reported a third consecutive annual decline, with project numbers falling from 81 in 2018 to 43 in 2019, 37 in 2020 and just 29 projects in 2021. Germany is now in fourth place behind Spain and its 39 projects in 2021.

New investor sentiment data suggests that the UK is expected to continue attracting the highest levels of financial services investment in Europe. In a survey of global investors for EY – conducted between February and April 2022 – the UK came out as the most attractive European country for FS investment (backed by 67% of respondents). Germany came second with support from 42% of respondents, while France came third with 36%.

At a city level, London is seen as Europe’s most attractive destination for financial services FDI (backed by 61% of respondents), followed by Frankfurt (42%) and Paris (33%).

Over two-thirds (69%) of global investors said they plan to establish or extend operations in the UK over the next year. This is up from 50% in last year’s June survey. In addition, almost half (47%) of those surveyed said they were planning to increase their investment in the UK in the aftermath of the pandemic, up from 6% last year.

Ernst & Young

The BBC is totally focused on the sprawling mess that is the Public Sector, the strikes and misery caused by militant left wing Trade Unions. The BBC, The Guardian and other pundits are as firmly behind the Rejoin agenda as they were the Remain agenda.

Government and Whitehall is far more likely to take heed of the shroud wavers in the left dominated media.

Meanwhile British Industry and workers in the private sector are just getting on with it and making a good fist of managing the transition post Brexit, would that the NHS was not so impervious to change and improve delivery outcomes to the public.

Andrew Withers FRSA

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