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British Investment still growing in Spain despite of Brexit fears and political tensions

Spain is the most attractive European country for British investment

Spain is the most attractive European country for British investment according to the III Barometer on Climate and Outlook for British Investment in Spain; which took place last 15th February, hosted by the HE of Spain in United Kingdom, Mr. Carlos Bastarreche and the participation of the following speakers, Francisco J. Garzón, ICEX; José Manuel Amor, AFI; also a roundtable was held by Sonya Dowsett, Reuters; Mr.Christopher Dottie, British Chamber of Commerce in Spain – Managing Director in Hays and Luis Pardo, Sage.

The Barometer indicates how the United Kingdom has significantly invested in Spain during the last 24 years; 66,600 millions, on Foreign Direct Investment (FDI); telecommunications; tobacco and energy as the main business sectors as well as real estate, insurance and civil engineering, as the largest FDI flows with 1,895 millions euros hit into the Spanish economy in the first half of 2017. In terms of jobs impact; UK investors have generated around 1% of the Spanish employment during the last 4 years with nearly 200,000 jobs.

“There is a still a work to do for reducing the Spanish red tape for small company investors; losing around 210 days on administrative tasks” appoints Luis Pardo; Director in Sage; a global company specialised in technology. On the other hand; Christopher Dottie; highlights the important fact of how Spanish economy winds have changed during the last 6 years creating around 2 million jobs and growing around 3% of the GDP.

Brexit

Despite Brexit fears and political tensions in both countries; Christopher Dottie highlights that 66% of the business community, members of the British Chamber in Spain are more concerned on the trajectory of these Brexit negotiations and how these will impact onto their decisions. Precisely; León Fernando Del Canto, Barrister in Del Canto Chambers wrote an article in Diario El País about how the UK has overestimated trade agreements with third countries and how the Lords Chamber is refusing Brexit Bill terms of negotiation sent by the House of Commons.

“The United Kingdom and Spain have a lot of things in common” underlines Lord Daniel Brennan QC and appointed labor peer and Barrister who concluded this interesting event.

Del Canto Chambers embrace Anglo-Spanish relations´ to remain strong and be pragmatic on their bilateral economic and political aspects despite Brexit fears and political tensions.

Julio Prieto
Spanish Abogado & European Lawyer In London
Del Canto Chambers

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