Britain's financial sector in 2017 attracted more inward investment than eight other global centers competing for business despite uncertainty surrounding Brexit, a report by the City of London Corporation showed.
In 2017, London secured 55 inbound foreign direct investment projects in financial services compared with 26 each for Dublin and Paris, 24 for Frankfurt and 20 in New York. Investments from the U.S., Germany and Sweden created the most number of jobs, while top investors came from the U.S., Sweden and China.
The U.K. secured 392 inbound foreign direct investment projects between 2013 and 2017, with foreign investors investing £8.6 billion and creating about 16,126 jobs, the report said. However, London lost the top spot to Singapore, in terms of capital investment between 2013 and 2017, with £4.23 billion against Singapore's £4.73 billion.
"The U.K. leads the world when it comes to exporting financial services," said Catherine McGuinness, City of London policy chair. The EU is the biggest export market for Britain's financial services sector, but there remains uncertainty on the country's future trading relations with the bloc.
"Foreign investment flows can shift quickly so it is vital that we secure a positive Brexit deal that provides confidence and clarity for the sector," said McGuinness.
Financial services attracted more than double the foreign direct investment of any other sector in the U.K. in 2016, the City's report said.