West Midlands second for foreign investment in financial services
Ernst and Young’s UK Attractiveness Survey found that 63 projects were attracted to the UK last year, seven more than in 2020.
It remains Europe’s most attractive destination for financial services investment and, regionally, the West Midlands has replaced Scotland as the second largest recipient of project finance, securing six – its joint total the highest of the decade. London attracted 39.
Global investors say financial services investment in the UK is set to increase further this year, with 69% saying they plan to establish or expand their business in the UK over the next year. next year. This is up from 50% in the June survey last year.
Additionally, 47% said they planned to increase their investments in the UK in the aftermath of the pandemic, up from 6% last year.
Anna Anthony, UK Financial Services Managing Partner at EY, comments: “It is reassuring to see that at a time when global investment appetite and volumes are being heavily impacted by multiple headwinds, and with As FDI in Europe declines, the UK continues to see project growth and remains the continent’s most attractive financial services market.
“Six years on from the EU referendum, we can be confident that Brexit has not harmed the fundamental appeal of the UK, with its long history in financial services and access to top talent. Investors clearly recognize that the UK continues to offer a unique environment for growth, innovation and progress.”
Martina Neary, Head of Financial Services for EY in the Midlands, said: “It is great news that the West Midlands has been the second biggest recipient of international financial projects in the UK in 2021, behind London. This illustrates the fantastic offerings the region has to offer financial services companies looking to establish and grow their businesses, such as excellent transport links and infrastructure.
“Looking ahead, it’s really encouraging that investor sentiment towards the Midlands in general continues to be strong and will hopefully lead to higher levels of investment in the region in the future.”