Britain needs a financial sector strategy to tap foreign billions, says a Reuters report

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

The City of London Corporation has repeatedly called 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 organized system” run by a public-private board chaired by the chancellor, Britain’s finance minister, said Chris Hayward, political chairman of the City of London, which runs Britain’s main financial centre. .

The City of London report says sovereign wealth funds and public pension funds have doubled their UK investments in the five years since opening a UK office compared to the previous five years.

This resulted in an additional £13.4bn of investment involving 92 deals in key areas such as innovative technology, infrastructure and renewable energy.

“The road to economic growth goes through the city, so there needs to be a plan to prioritize and leverage the contribution of financial services to foreign investment,” Hayward said.

($1 = £0.7572)