More than 1,000 banks, payments firms, insurers and asset managers from the EU are making plans to open UK offices post Brexit, in order to continue working with UK clients. This is according to regulatory consultancy Bovill.
The additional staff and offices will help mitigate the loss of businesses leaving the UK as the current unregulated two-way direct access between Britain and the EU comes to an end in December 2020, after the Brexit transition period has ended.
In the first stages, companies who until now have been able to work with their UK customers directly from their home country, have applied for temporary approval to operate in Britain after 31st December 2020.
Michael Johnson, a consultant at Bovill, highlighted that “these figures clearly show that many firms see the UK as Europe’s premier financial services hub. It’s a clear vote of confidence in the UK financial services sector and good news for the UK’s service economy overall. The high proportion of firms without an existing UK branch that have applied for the TPR suggests there will be some movement of staff from these EU firms into the UK,” he added.
This is great news for Britain as European firms will be buying office space, hiring new staff and working with other businesses within the UK, helping the country retain its brilliant reputation as a prime location for financial services.
Manchester’s business growth
With more EU businesses planning to open UK offices post Brexit, this is great news for Manchester. Manchester is in the midst of an economic boom, with the city’s economy growing at a faster rate than the rest of the UK. For businesses who don’t want the higher ground rental rates of an office in London, Manchester is a much more attractive offer. In addition to lower office rental rates, EU firms would be in great company as Amazon have recently opened up their new corporate headquarters in Manchester, sending a message to other global companies that Manchester is a great place to do business.
Growing job market = higher rental demand
With an ever growing job market, the largest student population in Europe and a high graduate retention rate, the rental demand in Manchester is through the roof.
Luckily for the future and current tenants of Manchester, we’re in the process of creating several new residential developments, for both students and professionals alike. One of these buildings is situated across the road from Amazon’s new headquarters. Located in the much sought-after Ancoats area, Ancoats Gardens is a luxury residential development with two roof gardens, 155 high-spec apartments, an exclusive on-site gym, coffee roastery and shared social space for tenants.
Ancoats was recently regarded by The Times as one of the top 20 coolest places to live in the UK, increasing rental demand in the area, making it a lucrative choice for potential investors.
If you’re interested in investing in our Ancoats Gardens development, get in touch today.