Brexit England Smashes Fintech Investment Records

The UK has outpaced the entire European Union, the Middle East, and Africa in fintech investment during the first half of the year.

Trailing only the United States in fintech (financial technology) investments since leaving the European Union at the beginning of the year, the UK has smashed all-time records in investments.

Raking in an astonishing £17.73 billion($24.5bn) during the first half of the year, the UK has once again defied the doomsday predictions from Project Fear that Brexit would damage business and the British economy.

Indeed, during the entire year leading up to Britain’s official departure from the European Union, the UK only managed to take in £4.26 billion ($5.9bn) in fintech investments, City AM reported.

The UK was only bested by the United States in terms of fintech investments, which took in $42.1bn during the same time period. Britain’s closest European competitor were the Nordic countries, yet they trailed far being Britain with only £3.47 billion ($4.8bn) collectively.

The good economic news comes on top of a report from the Confederation of British Industry (CBI) in July, which found that some 250 manufacturing businesses have seen record levels of output growth in 16 out of 17 sub-sectors, with the automotive industry, transport equipment, food and drink, and tobacco sub-sectors leading the way.

“Manufacturers expect output to grow at an even quicker pace in the next three months – the strongest growth expectations on record,” the CBI added.