Over 1,200 European firms will open outlets in the UK soon

Economy / Thursday, April 1st, 2021

The UK has been having some economic troubles after Brexit, but it seems it is still regarded as a top economic hub. More than a thousand European firms want to open shops in the UK before the end of the year.  

1,200 European companies to open shops in Britain 

More than 1,200 European Union finance companies are looking to open a business in Britain for the first time according to a financial report. Freedom of information statements by the companies has shown that a little below 2,000 financial firms, fintech companies, and insurance companies have asked for permission to move their businesses to the UK. 

More than 75% of these firms have never done any business in the UK. This seems to be a good outing for London which has the most requests and this will open up new employment opportunities. Many people with degrees and certifications in law, finance, economics will be glad. Mike Johnson who is a manager at Bovill's consultant said this may be completed before the third quarter. 

UK Brexit economic troubles to end 

He also said sectors like telecommunication, travel, and finance should get more aid when these permissions are granted. Many Britons have complained about the negative effects Brexit will cause, but this news will gladden their hearts. Just a few weeks ago, London was dislodged as the top economic Center by Amsterdam and this has raised questions about the financial status of London, with many speculating that Brexit is a huge factor. 

While this is good news, many are concerned about how these businesses will affect the local economy. Like most nations, the UK is suffering from inflation and many wondered if these new firms can make things better. Henry Wilkins is wary about these firms from Europe and hopes they will not just come to the country to search for cheap employment. Wilkins who is a Financial analyst for a fintech firm in Leeds said adequate regulation is needed.