1,500 EU finance firms apply to operate in Brexit Britain; 1,000 opening first UK office

Almost 1,500 EU-based financial services companies have applied for permission to operate in Brexit Britain, with around 1,000 firms seeking to open their first office in the UK, it has emerged.

A Freedom of Information (FOI) request by financial regulatory consultancy Bovill confirmed the figures that suggest the UK will “continue to be a leading player on the global financial stage.”

Bovill’s Managing Consultant, Mike Johnson said the numbers are a “good indication that the UK financial services sector will continue to be in a strong position post-Brexit.”

“The numbers from this FOI provide evidence that London is set to remain a key global financial centre. Since many of these European firms will be opening offices for the first time, this is good news for UK professional advice firms across multiple industries including lawyers, accountants, consultants and recruiters. Business from these firms should provide a welcome boost to the service sector – the powerhouse of the UK economy.

“The boost to the services sector will be welcome as the economy begins its recovery from the blow of the pandemic,” he added.

A total of 1,476 firms have applied to do business in the United Kingdom with Irish, French and German companies comprising of a third of all requests.

Cyprus, the Netherlands and Luxembourg follow as the next three most popular countries with firms desperate to operate in the UK.

More than 100 European banks plan to either relocate or boost their presence in the UK according to the FOI, in addition to over 400 insurance and insurer intermediaries, reaffirming Britain’s dominance in the financial services sector.