EU need us! UK handles £9.4TRN assets as another nail hammered into Project Fear coffin

And Leigh Evans, chairman of the pro-Brexit think-tank Facts4EU, hailed the analysis, by the Investment Association (IA) as “yet another nail in the coffin of Project Fear”. The report suggests despite Brexit, the UK manages 37 percent of all assets managed in Europe.

The proportion is far higher than Emmanuel Macron’s France (17.6 percent), Angela Merkel’s Germany (9.5 percent), Italy (5.7 percent), the Netherlands (5.2 percent) or indeed any other EU member states.

The overall value – £9.4trillion is second only to the United States.

Significantly, the report suggests the UK’s total of assets under management actually increased by 11 percent compared with last year, when the figure stood at £8.6trillion.

In a separate report published on Facts4EU’s website, Mr Evans said: “The latest 2021 report from the Investment Association represents yet another nail in the Project Fear coffin.

“Readers will recall how the likes of George Osborne (then Chancellor), David Cameron (then PM), and almost the entire raft of commercial organisations from the CBI to the OECD predicted certain catastrophe for the UK’s financial sector if Britain voted to leave the European Union.

“Capital would flood out of the country, we were told, with most of the UK’s banking community close on its heels. None of this has happened.

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Mr Evans said: “The majority of investment management activity takes place in the City of London.

“But Edinburgh was always in second place and was important.

“In 2020 assets managed in Scotland are put at £690 billion, equivalent to seven percent of total assets.

“By way of comparison, the proportion of assets managed in Scotland in 2010 stood at 14 percent.

“In other words, while the rest of the UK has accelerated in its growth in this important sector of the economy, Edinburgh’s importance has halved in just 10 years.”

Mr Evans added: “It has almost become routine for us to publish reports showing the United Kingdom doing well as a (partially) free, independent, and sovereign country outside the EU.

“One of the reasons we continue to do this is because there are still many people in positions of power and influence who continue to cling to the dogmas they espoused back in 2016.

“And in the subsequent years when the Establishment attempted to subvert the largest democratic decision in the history of the British people.

“Once again Remain’s lies lie broken on the floor.”

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