June 20, 2024

UK is Europe’s most attractive for financial services investment

EY’s latest attractiveness survey for financial services found that the country secured 108 financial services projects in 2023, up from 76 in 2022, and is home to a third of all such FDI projects in Europe. It extended its lead over second-placed France, which attracted 39 projects, down from 45 in 2022. Germany was third, with 38 projects – seven more than in 2022.

Total financial services FDI across Europe grew to 329 projects in 2023, up from 292 in 2022 – a rise of 13%. The number of new financial services projects reached its highest level since 2019, rising from 215 in 2022 to 233 in 2023. 

The UK recorded 85 new projects, up 25% on the 68 in 2022. Its market share of new financial services projects rose from 32% in 2022 to 36% in 2023 – the highest level in a decade.

Such projects created 5,019 jobs in the UK, a massive rise of 93% from the 2,603 created in 2022. The country generated 40% of the 12,675 jobs created in Europe last year.

The largest source of financial services investment into Europe was the US, with projects up from 79 in 2022 to 91 in 2023. This was the highest proportion of US-backed projects in the past decade, representing 28% of all financial projects into Europe. 

The UK was the leading recipient of US investment, with the amount of projects rising from 21 in 2022 to 38 in 2023.

Image credit | iStock

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