Britain needs finance sector strategy to tap foreign billions, report says

Published On : 09/19/2024

LONDON (Reuters) – Britain could attract up to 7.7 billion pounds ($10.2 billion) in additional foreign sovereign investment by 2030 if it pursues a long-term blueprint for enticing such funds, a report said.

The City of London Corporation has repeated calls for a financial and professional services plan to convert interest in British assets into cash as Prime Minister Keir Starmer prepares to host his first international investment summit next month.

Britain needs to provide a “streamlined and organised system” led by a public-private council chaired by the Chancellor, Britain’s finance minister, said Chris Hayward, Policy Chairman of the City of London, which administers Britain’s main financial centre.

The City of London report said sovereign wealth and public pension funds had more than doubled their UK investments in the five years after opening an office in Britain, compared to the five years before.

This has resulted in an additional 13.4 billion pounds of investment, involving 92 deals, into key areas such as innovative technology, infrastructure and renewable energy, it said.

“The road to economic growth passes through the City, therefore there must be a plan to both prioritise and capitalise on the contribution of financial services to foreign investment,” Hayward said.

($1 = 0.7572 pounds)

(Reporting by Sinead Cruise; Editing by Alexander Smith)

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