Paris snaps at heels of London in overseas finance investment ranks

Ladies benefit from the view of Sacre-Coeur Basilica of Montmartre and Eiffel Tower on the Parc de Saint-Cloud close to Paris, France, April 26, 2022. REUTERS/Gonzalo Fuentes/File Photograph

LONDON, June 13 (Reuters) – France made up extra floor on Britain in attracting abroad direct funding into monetary companies final yr, in keeping with analysis by accountancy agency EY printed on Monday.

Britain nonetheless retained prime spot within the European rankings – attracting 63 tasks in 2021 – however the hole with second-placed France narrowed, with its neighbour recording 60, its highest quantity within the final decade.

Each nations enticed the next variety of tasks in 2021 than within the earlier yr – up seven for Britain and 11 for France – bucking the development for a contraction in Europe total.

International direct funding into monetary companies throughout Europe total fell 2.8% final yr, EY mentioned.

London stayed prime of town desk, with 39 tasks in 2021, however this was lower than half the 86 tasks it chalked up in 2018. Paris recorded 38, only one venture behind London.

Britain’s prime spot confirmed it retained its attraction for worldwide buyers after Brexit, EY’s researchers mentioned, however they mentioned France was catching up.

“France particularly is rising shortly, closing the hole with the UK, and even overtaking it in attracting the best variety of funding tasks from the U.S. for the primary time,” mentioned Omar Ali, a monetary companies managing companion at EY.

Spain, Germany and Eire rounded out the highest 5 nations in EY’s rankings, whereas Madrid, Dublin and Berlin accomplished the highest 5 cities.

Britain continued to draw proportionally extra new tasks than France – which are inclined to generate extra jobs – relatively than expansions to present tasks, EY mentioned.

Britain was additionally seen as essentially the most enticing European nation for future monetary companies funding, forward of Germany in second and France in third, an EY survey of worldwide buyers discovered.

Reporting by Iain Withers; Enhancing by Edmund Blair

Our Requirements: The Thomson Reuters Belief Ideas.