The special relationship with the US is fertile ground for investment into the UK

Last week, a new bilateral energy deal between the UK and the US, to reduce global dependence on Russian gas, underlined the continuing strength of the “special relationship”. In a joint statement, Rishi Sunak and Joe Biden stressed the need for “allied countries to deepen their cooperation to ensure resilient international systems which reflect our shared values.”

This will be something I shall be very conscious of as I undertake my first international visit as Lord Mayor later today, when I travel to New York. As the world’s two leading financial centres, we have a shared interest in strengthening our ties and must collaborate to seize new opportunities.

I will be meeting with many of our financial and professional service business partners to do just that, especially those interested in our investment management sector. It’s a sector that the UK excels in; we are the second largest centre for investment management in the world – $13.7tn of assets are managed for clients in the UK and internationally, including more than $1tn from the US.

As Lord Mayor, I have great ambitions for the sector. Earlier this year we launched the US chapter of the Global Investment Futures campaign – designed to promote the UK as a leading investment management sector. During the event, asset owners and managers from the US spoke of their support for innovation and how they’re looking for global investment opportunities in tech such as compliance tech and fintech, crypto assets and sustainable investments.

This makes the UK the ideal place for US investors to do business.

Our position at the crossroads of Europe’s biggest financial and tech sectors makes us one of the globe’s foremost hubs for innovation. Only last year, investment in fintech in the UK grew sevenfold to $37.3bn, more than the rest of Europe, the Middle East and Africa put together. And new figures show that fintech venture capital funding in London since the start of the year has reached $9.5bn (£7.8bn) – higher than anywhere else in the world.

London also ranks first in the Global Green Finance Index, leading in both green finance quality and depth. This is a part of the UK’s growth story you may not have heard that much about.

It is true that there has been much made of the political and financial difficulties that the UK has gone through a few months ago. However, it is also true that – during that time – firms like Blackstone, Rockefeller Capital, T. Rowe Price, PGIM, the Managed Funds Association, and the Milken Institute have all increased their London profiles.

And the government has just unveiled a package of reforms designed to boost the City’s competitiveness and deliver economic growth. Now is the time to do business with the UK.

Investors feel the same; they remain confident in the long-term strength of the UK’s institutions all underpinned by a combination of our favourable time zone, our language, our rigorous legal system, our access to global talent, our regulatory regime and the opportunity to do truly global business from London.

As last week’s energy deal shows, the relationship between the UK and the US has strong foundations. The financial sector can build on our partnership to drive growth for the benefit of households and businesses on both sides of the Atlantic.