The UK remains a consistent and increasingly attractive place for global financial services firms to invest in, according to Ernst & Young’s latest UK attractiveness survey.
That survey has reportedly found that confidence in the UK is at an all-time high, with 87% of global financial services firms saying that they plan to establish or extend UK operations this year.
Conducted in November, Ernst & Young reported that 41% of firms surveyed said that the pandemic had led to them increasing their UK investment, with 8% planning a ‘substantial increase’. 54% reportedly said that the country’s success in dealing with the pandemic was a factor.
Anna Anthony, UK financial services managing partner at the company, said: “It’s encouraging that such a high proportion of global financial services firms are currently looking to grow their business in the UK.
“This is testament to the stability and resilience of the mature UK market which continues to ably withstand the material challenges and uncertainty of both the pandemic and Brexit.
“As we look to the future of financial services, it’s also positive that investors see the UK as the right place for growth in ESG, which, post COP26, is a major and increasing focus for boards.”
She added: “As one of the oldest and most established financial structures with deep capital markets and an unrivalled regulatory system, the UK clearly has many unique selling points attractive to investors in both boom times and crisis. With investor confidence at such a high point, the key now is to avoid complacency and ensure, especially on green finance, that rhetoric is turned into action.”
In addition, Ernst & Young reported that 90% of global financial services investors think the UK will retain the same level of attractiveness or improve over the next three years, up from 75% in spring 2021 and 50% in spring 2020.
These findings from Ernst & Young echo those from last June when the firm said that the UK was Europe’s most-attractive destination for foreign investment in financial services.
Back then, it was reported that the UK’s Covid-19 recovery plans were backed by nearly half (48%) of correspondents, who said the country was the most friendly to investment post pandemic.
