The presentation in London of the seventh Barometer on the climate and prospects for Spanish investments in the United Kingdom confirmed that, despite an international environment marked by geopolitical tensions and protectionist pressuresthe economic link between the two countries continues to be supported … solid bases and difficult to reverse. The report, prepared by the Spanish Chamber of Commerce in the United Kingdom since 2019 and presented at the residence of the Spanish ambassador, brought together more than a hundred business representatives, senior civil servants and economic analysts, at an event organized three months after the signing of the agreement. Bilateral strategic framework between Prime Minister Keir Starmer and President Pedro Sánchez.
The President of the Chamber, Juan Carlos Machuca, highlighted during his speech the relevance of the Barometer as “the only annual bilateral economic forum between Spain and the United Kingdom”, an instrument that allows governments and companies to exchange diagnoses and precisely measure the evolution of investment flows. Machuca highlighted the resilience of the presence of Spanish companies in British territory and highlighted that the state of Spanish investment “has never been so strong”, supported by official data that places the investment stock at 83 billion euros, the second largest position recorded so far. The United Kingdom also retains its role as second world destination of Spanish investment, with 13.1% of the total foreign stock, and since 1993 the accumulated flows 170,940 million euros.
The event was attended by the Spanish Secretary of State for Trade, Amparo López Senovilla, the British Minister Sir Chris Bryant, the British Government’s Foreign Trade Commissioner for Europe, Ceri Morgan, and was moderated by Peter Foster, International Trade Editor of the Financial Times. The general context, marked by a rise in protectionism and growing geopolitical tensions, partly explains the institutional interest by a report that combines official statistics with responses from more than 120 Spanish companies active in the United Kingdom.
Resumption in 2024
The results of the Barometer show that, although the investment stock decreased by 9.5% in 2023 to reach the mentioned 83 billion euros, investment flows experienced a recovery in 2024, when they reached 4,880 million euros and once again placed the United Kingdom as the second destination for Spanish investments. The first half of 2025 recorded more moderate flowswith 331 million euros, a figure which, without altering the structural trend, reflects the global volatility of the moment.
The sector analysis included in the report reveals concentration patterns that persist over time. In 2024, telecommunications attracted 60.5% of Spanish flows, with 2.950 million euros, while the manufacture of perfumes and toiletries absorbed 12.5%, or 609 million. In the first half of 2025, energy supply occupies first place, with 73.7% of flows and 244 million euros. Sectors with very pronounced specialization also stand out, such as air transportwhich concentrates 96.2% of all Spanish investments in this activity in the United Kingdom, with 2,590 million euros. In terms of stock, financial services totaled 21.340 million euros in 2023 and wholesale 18.020 million.
Labor market
Spanish investment also continues to play an important role in the UK labor market. According to Barometer data, in 2023 it generated more than 140,900 jobs, including 80,700 direct and 60,200 indirect via supply chains, which represents an increase of 6% compared to the previous year. This impact, highlighted by Machuca during the event, reinforces the idea of a long-term business commitment and a presence that has contributed to key sectors such as energy, telecommunications and cosmetics.
The Barometer also incorporates the perceptions of Spanish companies operating in the United Kingdom, which in 2025 gave the business climate a score of 2.9 out of 5, practically the same as the previous year. Although 47% of companies say they have seen a slight deterioration over the past twelve months, seven in ten consider the environment acceptable or better. The most appreciated attributes were a ecosystem favorable to digital processes and commitment to economic and commercial sustainability, both with 3.6 points. The worst-rated element was investment in R&D&i, with a score of 2.7, reflecting companies’ perceptions of public support and the pace of integration of artificial intelligence technologies.
The outlook for 2026 maintains a tone of cautious optimism. More than 60% of Spanish companies expect revenue to increase in the UK, 45% plan to increase investment, particularly in London and its metropolitan area, and 89% plan to maintain or increase their workforce, with 37% already considering new hires. THE productivity appears to be the determining factor in these decisions, with 49% of companies willing to implement new digital technologies, 38% who consider it necessary to increase their workforce and 33% who will direct their efforts towards training.
The strategic nature of the British market for Spain is confirmed by additional information: 90% of the companies surveyed define it as essential in their international projectionwhile 75% do not plan to leave the country in the next five years and 15% say they are unlikely to do so.
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