- £3 billion investment from Revolut will create 1,000 new
high-skilled jobs in the UK, including a new global headquarters
in London.
- This latest commitment takes total investment from major
financial services companies to over £110 billion – in a single
week, following announcements by Blackstone, BlackRock and
PayPal.
- At the opening of the new London HQ the Chancellor declares
UK ‘open for business' as Leeds Reforms push Britain to the front
of global race for financial services businesses, which will help
put more money in people's pockets through the Plan for
Change.
Chancellor will declare the UK ‘open for
business', following a £110 billion investment surge from major
financial services firms in the past week alone.
Global fintech leader Revolut will today open its new global
headquarters in Canary Wharf, setting out plans to invest £3
billion in the UK and create 1,000 high-skilled jobs over the
next five years.
This comes on the heels of last week's £100 billion investment
from asset manager Blackstone, £7 billion from BlackRock and
£1.25 billion in inward investment from leading US financial
firms including PayPal and Bank of America - generating 1,800 new
jobs in major cities including London, Edinburgh, Belfast, and
Manchester.
The wave of investment from financial services companies comes
just months after the Chancellor cut needless financial red tape
to ensure the UK wins the global race for financial services
investment as part of the modern industrial strategy.
Chancellor of the Exchequer, , said:
“The UK is well and truly open for business under this
Government. Through our Leeds Reforms we're making Britain the
best place for financial services companies to do business,
pushing us ahead in the global race for investment and putting
more money in people's pockets through the Plan for Change.”
Nik Storonsky, CEO & Co-founder of Revolut,
commented:
"Our mission has always been to simplify money for our customers,
and our vision to become the world's first truly global bank is
the ultimate expression of that. From our roots here in the UK,
we've grown to serve over 65 million customers globally, and
today's opening of our new Global HQ in London is the launchpad
for our future. This HQ will be central to driving our growth
towards our next milestone of 100 million customers.
"To power that journey from our home market, we are investing £3
billion in the UK over the next five years. This commitment will
not only create 1,000 new jobs but will also fuel the innovation
from our London hub that will help us deliver on our global
ambitions."
The major investments from financial services firms over the past
week include:
- Blackstone is aiming to invest in excess of £100 billion of
assets in the UK over the next decade. This includes their £10
billion investment in a data centre in Blyth.
- BlackRock expects to allocate over £7 billion to the UK
market next year on behalf of its clients and is investing £500
million into enterprise data centres across the country.
- Bank of America is set to create up to 1,000 new jobs in
Belfast, marking its first-ever operation in Northern Ireland — a
major milestone that underscores the region's growing role in
global financial services.
- Citi Group today confirms it is investing £1.1 billion across
its UK operations, including a further commitment to growing its
presence in Northern Ireland where the bank is already one of the
top employers in Belfast now employing over 4,000 people — firmly
establishing Belfast as a major technology powerhouse.
- In Manchester, S&P Global are investing over £4 million
into their Manchester offices which will support 200 permanent
jobs boosting their nearly 3,000-strong UK workforce.
- As part of the UK's expanding fintech and digital innovation
sector, PayPal is announcing a £150m investment in product
innovations and growth that will benefit customers throughout the
UK, reinforcing Britain's position as a key market for the brand
globally.
These investments in the UK are a vote of confidence in the UK's
economic plan, built on stability, investment and
reform.
The Leeds Reforms set out the widest ranging reforms to financial
regulation in over a decade, making the UK more attractive to
global financial services firms.
This includes new support for fintech introducing tailored
support to help FinTechs, with new start-ups getting a single
regulatory point of contact to help them through the scale-up
phase. The contact will be able to provide technical support to
help them understand the regulatory requirements they need to
meet in order to grow.
Revolut's investment marks its commitment to the UK, where it has
grown to become a global fintech leader with more than 10,000
employees and revenues of over £3 billion.
The company now serves over 65 million customers worldwide,
including 12 million in the UK, and has set its sights on
reaching 100 million customers globally by mid-2027. Revolut's
success exemplifies the strength of the UK's fintech sector,
which boasts around 3,000 firms supporting tens of thousands of
skilled jobs nationwide.
