Overseas investors return to City of London

| 23/11/2010

(FT.Com): Overseas investors are moving back into the UK financial services sector, easing fears that London is losing its lustre as an international centre for the industry. Foreign-owned businesses accounted for 9.1 per cent of new authorisations by the Financial Services Authority in the first half of 2010, according to data compiled by IMAS corporate finance advisers. That is up 40 per cent from 2009, when foreign-owned companies accounted for 6.5 per cent of new authorisations, as financial services groups worldwide struggled in the aftermath of the financial crisis. The survey is likely to bolster claims that London remains a crucial centre for the financial services industry. This is in spite of a crackdown on banker’s pay and a 50 per cent top rate of personal income tax.

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