The UK has become a top destination for financial services investment, surpassing France and Germany, Global Guido reports.
This was another of the country’s post-Brexit achievements. Last year, the UK implemented a whopping 108 financial services projects. That dramatically surpasses the 76 in 2022, leaving European competitors behind.
Economists credit Edinburgh’s reforms to reduce regulation post-Brexit, unveiled last year, for the surge in investment.
Europe’s advanced countries, France and Germany, lagged behind in second and third place. They secured only 39 and 38 foreign direct investment (FDI) projects respectively in 2023. At the same time, the UK represented 28 per cent of all financial projects in Europe. Anna Anthony, EY UK financial services managing partner, noted:
The UK didn’t just maintain its lead as the most attractive European financial services market last year; it extended it significantly.
In April, British media reported that the European Commission was keen to start negotiations with the United Kingdom on a post-EU agreement that would increase opportunities for young people to live, work and study abroad.
In a statement, the EU executive said it would seek authorisation from EU Council member states to negotiate a bloc-wide agreement on youth mobility with London.
Meanwhile, Britons stand to postpone trips to EU countries to avoid travel chaos when the new European Union border system (EES) takes place later this year. The automated system for non-EU nationals is expected to come into effect in October. The innovation will require non-EU travellers to undergo facial scans and register their fingerprints.
Travellers have been warned to stock up on extra time to beat the extra queues and remember that their insurance may not cover losses due to border delays.
