FCC has participated in the presentation of the seventh edition of the “Barometer on the climate and prospects for Spanish investment in the United Kingdom” developed by the Spanish Chamber of Commerce in the United Kingdom.
 
The event, held at the Spanish Ambassador's Residence in London, brought together more than 100 attendees, including senior representatives of the largest Spanish companies investing in the United Kingdom, SMEs, policy makers, and representatives of public institutions. This year's edition took place three months after the signing of the Bilateral Strategic Framework between the United Kingdom and Spain. This agreement marked a renewed commitment to strengthening economic cooperation. 
 
The president of the Spanish Chamber of Commerce in the United Kingdom highlighted the importance of this Barometer as the only annual bilateral economic forum between Spain and the United Kingdom. He emphasized the event as a unique space for governments and companies to exchange views on investment trends, challenges, and opportunities.
 
This year's Barometer is presented in a context of uncertainty due to growing trade protectionism. Despite the adverse climate, the UK and Spanish economies have shown surprising strength. According to the European Commission, Spain leads growth within the Eurozone, exceeding expectations at the beginning of the year, with annual growth of 3.4% in the first half of 2025. The agreement between the UK and the US mitigated some of the uncertainty, allowing the British economy to continue to grow and placing it in a more favorable competitive position than the European Union as a whole. Looking ahead to 2026, geopolitical risk remains one of the main factors being monitored by governments and constitutes the main challenge for the global economy and investment.
 
An essential analytical tool

The Barometer on the climate and prospects for Spanish investment in the United Kingdom is an annual report led and published by the Spanish Chamber of Commerce in the United Kingdom since 2019. Combining official investment statistics with responses from more than 120 Spanish companies operating in the UK, the Barometer has established itself as a key resource for investors, policymakers, analysts, and companies active in Spanish-British economic relations.
 
Key findings of the seventh Barometer

According to official data, Spanish foreign direct investment (FDI) stock in the UK contracted by 9.5% in 2023 to €83 billion, the second largest Spanish investment position on record. The United Kingdom remains the second most important destination for Spanish companies globally, accounting for 13.1% of all Spanish investment abroad. Since 1993, the United Kingdom has received €170.94 billion in cumulative FDI flows, consolidating its position as the main long-term destination for Spanish productive investment abroad.
 
Investment flows to the United Kingdom continued to show signs of recovery in 2024, reaching €4.88 billion, confirming the United Kingdom as the second destination for Spanish FDI that year. Although flows slowed in the first half of 2025, totaling €331 million, sectoral patterns highlight continued concentration and strategic focus.
 
In 2024, telecommunications attracted 60.5% of total flows (€2.95 billion), followed by the manufacture of perfumes and toiletries (12.5%; €609 million). In the first half of 2025, energy supply accounted for 73.7% of flows (€244 million). Certain sectors remain highly concentrated in the UK, such as air transport, which accounts for 96.2% of Spanish FDI in the sector (€2.59 billion). In terms of the largest sectors by stock in 2023, financial services accounted for €21.34 billion and wholesale trade for €18.02 billion.

Spanish investment also continues to support the British labor market, with more than 140,900 jobs in 2023, including 80,700 direct jobs and 60,200 indirect jobs through supply chains. This represents a 6% increase over the previous year.
 
Outlook for Spanish companies

Spanish companies operating in the UK gave the overall business climate a score of 2.9 out of 5, virtually unchanged from 2024, although 47% of companies reported a slight deterioration over the last 12 months. Seven out of ten companies continue to rate the UK climate as “acceptable” or better. The strongest attributes of the business climate remain a “favorable ecosystem for the development and implementation of digital processes” and “commitment to sustainability at the economic and business level,” both with 3.6 points. The lowest-rated attribute is investment in R&D&I, with 2.7 points, reflecting perceptions of public sector support and the integration of AI technologies in organizations.
 
Spanish companies continue to consider the United Kingdom a strategic market, with 90% describing it as such. Approximately 75% of the companies surveyed do not plan to leave the market in the next five years, while another 15% consider their exit “unlikely,” highlighting the strength of the Spanish business ecosystem's commitment to the United Kingdom.
 
The VII Barometer was supported by ABANCA, Banco Sabadell, BBVA, Clece Care Services, Exolum, FCC, Ferrovial, Finsa, Iberdrola, Indra, and Uría Menéndez. It was organized by the Spanish Chamber of Commerce in the United Kingdom with the support of the Spanish Chamber of Commerce, the Ministry of Economy, Trade and Business, the Department for Business and Trade, and the Spanish Embassy in London and the British Embassy in Madrid. Among the collaborating media outlets were the Financial Times, International Financial Analysts (Afi), Roman, and MHP Group.