Business Recovery

Financial firms report rising confidence in UK market post-Brexit

According to EY’s survey of global financial services firms, 41% of senior management representatives plan to expand their UK operations, an increase from 28% in January

Financial services firms in the UK are growing increasingly confident in the UK market four months on from the government’s Brexit deal, according to a survey of senior investment management representatives by EY.

Some 41% of senior management representatives polled revealed that they plan to expand their UK operations, an increase from 28% in January.

Furthemore, post-Brexit, 70% of firms surveyed said they are conducting strategic reviews of their European business.

John Liver, UK financial services partner at EY, said: “Within the financial services sector, although the trading environment has not yet moved materially since the Brexit deal, sentiment clearly has.

“Having successfully navigated the end of the transition period, the industry is now forming a more stable view of the future EU / UK relationship, and there is increasing, but by no means universal, acceptance that key equivalence determinations are unlikely in the short term.”

He added: “Against this backdrop, firms are now undertaking strategic reviews of their business, as they consider their operating model, market presence and cost base. Looking to the future, the UK must ensure it clearly promotes its openness to international business.

“A large part of this will be demonstrating that it offers a supportive environment for growth and expansion with access to top talent. Two major elements to this will be a strong and capable regulatory framework that is alive to industry transformation and a progressive tax regime.”

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