UK Secures £800 Million Spanish Investment: Major Boost for Jobs and Trade

Chancellor Reeves Secures Major Spanish Investment in Madrid

UK Chancellor Rachel Reeves has returned from Madrid with a significant package of Spanish investments and trade agreements worth nearly £1 billion, marking a major step in strengthening UK-EU economic ties post-Brexit.

The visit, which took place on 18 March 2026, resulted in multiple agreements spanning energy, transport, and professional services that will create hundreds of British jobs and boost UK exports.

Key Investment: Exolum Commits £240 Million

Exolum, Europe's leading liquid-storage company, has committed £240 million in UK investment through 2030. The investment will strengthen British fuel storage infrastructure and aviation resilience.

This latest commitment builds on Exolum's existing presence in the UK, where the company has invested over £500 million since 2015.

600 New UK Jobs from Indra Transport Contract

Spanish defence and transport giant Indra Group will create 600 new UK jobs after securing a major seven-year ticketing contract with Transport for London (TfL).

The contract details:

• Initial value: £587.6 million over seven years
• Potential extension: Up to £987 million
• New jobs: 600 positions across the UK

This represents one of the largest Spanish investments in UK infrastructure in recent years.

New Visa-Waiver Agreement for UK Professionals

In a significant win for British businesses, the UK and Spain have agreed on a visa-waiver arrangement for UK service professionals staying under 90 days.

This agreement is expected to be worth £250 million in additional UK exports over the next five years, making it easier for British accountants, lawyers, and other professionals to work in Spain without visa complications.

Professional Qualification Recognition

The two countries also initiated discussions on recognising professional qualifications in key sectors:

• Accountancy: Mutual recognition of accounting qualifications
• Legal services: Framework for lawyers to practice more easily

UK-Spain Trade: The Numbers

The visit highlighted the importance of UK-Spain trade relations. In 2024:

• UK exports to Spain: £11 billion in services
• Spanish exports to UK: £22 billion in services
• Total bilateral trade: £33 billion

Spain remains one of the UK's most important European trading partners, and these new agreements aim to strengthen that relationship further.

What This Means for Expats in Spain

For the estimated 300,000 British expats living in Spain, these agreements signal closer cooperation between the two countries:

• Easier business travel: The visa-waiver makes short business trips simpler
• Professional recognition: Qualification recognition could benefit British professionals working in Spain
• Stronger economic ties: More investment means more opportunities for UK-Spain business connections

Chancellor's Statement

Chancellor Rachel Reeves emphasised the strategic importance of the agreements:

"We must build growth that is secure and resilient. We do this best through partnerships with those who share our interests, our values, and our ambitions."

The visit supports the government's "Securonomics" approach, which emphasises economic stability, strategic investment, and state reform.

Looking Ahead

These agreements represent part of the UK government's broader strategy to rebuild economic ties with European partners following Brexit. With nearly £1 billion in Spanish investment secured, and new frameworks for professional services established, the UK-Spain economic relationship appears to be entering a new chapter.

For British businesses and professionals, the message is clear: Spain remains a key partner for trade, investment, and economic cooperation.

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Last updated: 18 March 2026. Source: UK Treasury, Mirage News.