Pandemic and Brexit deadline collapse the number of foreign companies planning to invest in the UK financial services sector
The pandemic and Brexit deadline have led to a drop in the number of foreign companies planning to invest in UK financial services.
According to accounting firm EY, only 10 percent of global financial services firms plan to set up or expand operations in Britain next year, up from 45 percent in April.
Foreign investors are increasingly focusing on the digital sector, real estate and construction and healthcare.
Collapse: Only 10 percent of global financial services firms plan to establish or expand operations in Britain in the next year
Despite the downturn in short-term sentiment, 53 percent of companies surveyed now expect the UK to be more attractive to foreign investment in three years, up from 40 percent earlier this year.
Douglas McWilliams, of the Center for Economics and Business Research, suggested that the pessimism surrounding the UK’s post-Brexit prospects may be overblown.