The UK remains one of the world’s leading financial services centres, but its position cannot be taken for granted. 

This UK Finance report, produced in collaboration with Norton Rose Fulbright, assesses the UK’s competitive position as a global financial services hub and what international banks need from the UK to continue investing, growing and creating jobs here. It draws on the expertise of nearly 60 non-UK headquartered UK Finance member banks, and detailed interviews with senior executives from a subset of 14 banks from North America, Europe, Middle East Africa and Asia, together employing around 35,000 people across the country. 

The report finds that the UK continues to benefit from major strengths: deep capital markets, a specialist talent pool, legal certainty, regulatory expertise, global connectivity and a time zone that bridges Asian and American markets. These advantages support the UK’s role as a base for international banking, capital markets, treasury, risk management and client coverage.  

However, the report warns that the UK’s competitive edge is being gradually eroded. Higher operating costs, cumulative taxation, regulatory complexity, post-Brexit market access barriers, mobility friction and slower policy delivery on innovation are making alternative financial centres more credible. For international banks, future investment in the UK is now an active choice, not a default outcome.  

To stay ahead, we call for action across six priorities:  

With decisive action, the UK can reinforce its role as a premier global hub for international banking and financial services.