West Midlands second for foreign investment in financial services
The West Midlands was second only behind London for foreign direct investment in financial services last year.
Ernst and Young's UK attractiveness survey found 63 projects were attracted to the UK last year – up by seven on 2020.
It remains Europe’s most attractive destination for financial services investment and regionally, the West Midlands replaced Scotland as the second largest recipient of finance projects, securing six – its joint highest total for the decade. London attracted 39.
Global investors indicate that financial services investment in the UK is set to rise further this year, with 69 per cent saying they plan to establish or extend operations in the UK over the next year. This is up from 50 per cent in last year’s June survey.
Also, 47 per cent said they were planning to increase their investment in the UK in the aftermath of the pandemic, up from six per cent last year.
Anna Anthony, UK financial services managing partner at EY, comments: “It is reassuring that at a time when global investment appetite and volumes are being heavily affected by multiple headwinds, and with FDI across Europe falling, the UK continues to see project growth and remains the continent’s most attractive financial services market.
"Six years since the EU Referendum, we can be confident that Brexit has not damaged the UK’s fundamental appeal, with its deep history in financial services and access to top talent. Investors clearly recognise that the UK continues to offer a unique environment for growth, innovation and progress."
Martina Neary, head of EY Financial Services in the Midlands, said: “It’s great news that the West Midlands was the second largest recipient of international finance projects in the UK in 2021, behind London. This illustrates the fantastic offerings the region has to offer financial services firms 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 more broadly continues to be strong and will hopefully lead to higher levels of investment in the region in the future.”
