In another win for Brexit Britain, the UK has become the top destination for investment in financial services, according to EY. The UK pulled in a whopping 108 financial services projects last year, a sharp rise from 76 in 2022, leaving European competitors in the dust. Economists point to the post-Brexit regulation-slashing Edinburgh reforms unveiled last year for the surge in investment.
The so-called powerhouses of Europe, France and Germany, trailed behind in second and third place, securing a meagre 39 and 38 foreign direct investment (FDI) projects in 2023 respectively. The UK represented 28% of all financial projects in Europe. Anna Anthony, EY UK financial services managing partner, said:
“The UK didn’t just maintain its lead as the most attractive European financial services market last year; it extended it significantly.”
So much for the City armageddon that was promised…
London has managed to significantly close the gap on New York in the competition to be the leading global financial centre, gaining 24 points in the latest Global Financial Centres Index and leaving the capital just four points behind the Big Apple. Despite Brexit and Corona…
The 24 point jump is by far the largest of the top 20 index, with Shenzhen seeing the second-highest rise of 10 points to 9th place. On top of London’s triumph, Edinburgh has also risen two points 14th place. The best the EU can muster is Luxembourg in 12th place and Paris in 18th. Shanghai, which remains in 3rd place, was previously only 2 points behind London, however has now opened up a -18 gap…
Remember that mass exodus from the City of London that was supposed to happen after the vote to Leave? Turns out the opposite is the case. City AM reports this morning that “City firms are set to embark on a hiring spree next year”. Data from City recruiter Hays reveals that more than two-thirds of financial services firms are planning to hire more staff in the next 12 months. Their MD Mark Staniland says:
“It’s promising that despite market uncertainty, financial organisations are continuing to hire as regulatory changes come into play and digital advancements are creating the need for organisations to constantly adapt and remain up-to-date.”
City AM says “high demand for staff” has been “driven by double-digit salary growth for new hires in the capital”. A jobs boom in the City, #DespiteBrexit…
