Foreword from Lucy Rigby KC MP, Economic Secretary to the Treasury and City Minister

It was a pleasure to open the Freshfields London M&A Forum where I set out why the UK is such an attractive place to invest at present, and what the Government is doing to enhance that.

The UK has a mature and world-leading services economy that allows us to make the most of the network benefits that come from the interactions between our world class legal, financial and professional services sectors. As this report notes, the range and quality of services that are accessible in the UK is unrivalled and the status of our financial services centre, alongside the status of English law as the underpinning of the global M&A system, puts us in an unique place to take advantage of the challenges and opportunities of a changing world.

Our fundamentals are strong. We are a world leading financial centre with deep, sophisticated capital markets; the FTSE has reached record highs, UK capital markets raised more equity last year than the next three European exchanges combined. We are home to four of the world’s top ten universities and to a growing and vibrant entrepreneurial ecosystem.

And, importantly, we are and will remain an open trading economy at a time when others are putting up barriers. As this report sets out, uncertainty and complexity in geo-politics, and how those uncertainties echo throughout the business world, colour the ways in which firms can plan out and execute their strategies. The Chancellor, Prime Minister and all of us in Government are committed to ensuring that the UK remains open for business and a stable, reliable location for firms to transact.

But we cannot afford to be complacent. The purpose of convening leaders through this Forum was to examine how global dealmaking is changing in a world of greater uncertainty - and what that means for a leading international centre like London, where English law underpins so many cross-border transactions. If the UK is to remain a natural home for global M&A, our ecosystem must continue to support productive investment and innovation, and provide the clarity, predictability and confidence that long-term decision-making requires.

I can assure you that the Government is laser focused on doing just that. The Chancellor has been clear that our Growth Mission is closely tied to the outlook of the global economy; that stability and investment are not enough without reform; and that is why we have set out a modern Industrial Strategy, identifying eight priority growth sectors including financial services and professional and business services.

The Financial Services Growth and Competitiveness Strategy, which I am responsible for delivering, will ensure the UK remains the global location of choice for domestic and international financial services firms to invest, innovate, grow and sell their services throughout the UK and to the world. Supporting this mission is the Competition and Markets Authority, which has taken significant steps to focus its work on driving innovation, growth and investment while protecting consumers and businesses, in line with the Government’s Strategic Steer to the CMA.

I hope this timely report will be useful to companies, investors and advisers as they consider how best to navigate a changing global environment – and how, together, we ensure that the UK continues to thrive as a trusted, competitive and open place to do business.