The UK is the most attractive country in Europe to invest in financial services, however, leading to a decline in France’s lead in 2020, according to a report released by Ernst & Young on Monday.
In 2019, the UK registered 99 foreign investment plans in financial services, down from 56 in 2020.
On the other hand, during the same period, France grew from 38 to 49 foreign investment projects, according to EFE.
As for cities, London received 38 foreign investments in 2020, down 43% from 67 in 2019.
Paris and Madrid shared second place with 21 projects after registering 29 and 24 with 29 projects respectively.
The UK officially withdrew from the European Union (EU) until December 31, 2020, although it remained integrated into social structures until December 31.
According to Anna Anthony, an expert at consulting firm Ernst & Young (EY), the British ‘weight loss as a hub for attracting financial services could be a “short-term” consequence of Brexit or epidemic covid-19.
Anna Anthony hopes that London’s “world leadership” will not only “continue, but be strengthened” in the years to come.
“The city’s strengths and weaknesses, its deep capital markets, its regulated benchmark system and its range of talent and innovation will continue to attract investment to the UK,” he said.
The United States was the main source of foreign direct investment in financial services, with EY data showing that its resources accounted for 23% of recipients across Europe by 2020 and 37% in the United Kingdom.