Britain has been named Europe’s top destination for overseas financial services investment proving Brexit naysayers wrong.
A survey by consultancy EY found that the UK had attracted 76 financial services projects last year – up 13 from 2021.
Britain was well ahead of France which came second on 45, while Spain and Germany were tied third with 31.
Anna Anthony, UK financial services managing partner at EY, said: “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 research found London is the leading European city for attracting foreign investment in financial services.
The City secured 46 projects in 2022, up from 39 the year before.
Paris was second on 35, Madrid third with 22, while Milan attracted 16 projects in fourth place.
Chris Hayward, policy chairman at the City of London Corporation, told City AM: “London continues to lead Europe in attracting foreign direct investment in financial services, and the sector is proving resilient despite the global challenges facing the UK economy.
“That is good news for every household, because a strong City creates the wealth and jobs that support the economy and fund our public services.”
