17 Jun, 2017 @ 17:10
1 min read

Spanish multinationals to continue investing in UK despite Brexit

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SPAIN-UK trade relations are only improving since last year’s Brexit referendum.

Despite the pound’s depreciation, Spanish exports to the UK reached a record high of €19 billion in 2016.

Meanwhile, a staggering one in four Brits came to Spain for their holidays, making them the largest contributor to the €77 billion the country made from its tourism industry.

While Santander’s UK business saw net profit fall by 14.7% due to the weaker pound, like most other multinationals, it has not signalled that it will decrease their investments into the country.

The UK is still the number two destination for Spanish foreign investment, with Spain multinationals holding a €60 billion stock of investments in the country.

Iberdrola chairman Ignacio Sánchez Galán has assured the company will continue to invest in Scottish Power and in the numerous projects underway in the UK.

Ana Botin, who headed up Santander’s business in the UK (23% of total group net profit) before taking over from her father, stated she remains ‘as committed as always’ to this market.

The same goes for Sabadell chairman Josep Oliu.

He repeated his colleagues message: “A risk in the short term, yes, but the trend will be positive in the medium and long-term.”

 

Laurence Dollimore

Laurence Dollimore is a Spanish-speaking, NCTJ-trained journalist with almost a decade’s worth of experience.
The London native has a BA in International Relations from the University of Leeds and and an MA in the same subject from Queen Mary University London.
He earned his gold star diploma in multimedia journalism at the prestigious News Associates in London in 2016, before immediately joining the Olive Press at their offices on the Costa del Sol.
After a five-year stint, Laurence returned to the UK to work as a senior reporter at the Mail Online, where he remained for two years before coming back to the Olive Press as Digital Editor in 2023.
He continues to work for the biggest newspapers in the UK, who hire him to investigate and report on stories in Spain.
These include the Daily Mail, Telegraph, Mail Online, Mail on Sunday and The Sun and Sun Online.
He has broken world exclusives on everything from the Madeleine McCann case to the anti-tourism movement in Tenerife.

GOT A STORY? Contact newsdesk@theolivepress.es or call +34 951 273 575 Twitter: @olivepress

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