Britain’s back in favor for corporate deals despite Brexit
Britain has reclaimed its place as one of the top five countries that firms look to make deals in, just six months after dropping off the list in the wake of the country’s surprise to leave the European Union, according to a survey released Monday.
In its half-yearly report of business executives, consulting firm EY said Britain has rebounded to be the third most attractive destination for mergers and acquisitions, behind the U.S. and China. Last October, in the wake of the Brexit vote, it had slumped to seventh and out of the top five for the first time in EY’s seven-year history of assessing deal intentions.
Steve Krouskos, EY’s global head of transactions, said he was unsurprised by the turnaround.
Irrespective of the Brexit vote, Krouskos said, Britain remains a “major force in the global economy and a center of deal-making activity.”
In the City of London, Britain has the most comprehensive financial sector in Europe and most commentators think the government, whoever wins the upcoming general election, will seek to retain that status in the Brexit discussions and that Britain will remain an open and transparent place to do business.