The UK has maintained its title as top investment destination in Europe, the government has announced, hailing “a sharp increase” in net flows in 2014. It was also revealed that 85,000 new jobs have been created as a result of the trade injection, while another 23,000 have been secured.
Statistics, produced by the UKTI, further highlighted that Britain secured the highest number and value of projects across Europe in 2014 through FDI, which has been estimated to have gone up by £90bn. This figure was welcomed as the UK’s highest number of investment projects since records began in the 1980s.
Britain’s performance has seen the country’s inward FDI stock break the £1tn level for the first time. This is the highest in Europe and third in the world after the US and China.
Investment came from more than 70 countries, with the US remaining the main source with its 564 projects, followed by France on 124 initiatives. Indian FDI surged by 65 per cent and was responsible for more than 9,000 new jobs, while China maintained 112 projects, which resulted in almost 6,000 new jobs.
In total, the UK attracted 1,988 FDI projects over the last year, up by 12 per cent on the previous financial year, the annual investment figures from UKTI showed.
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At the same time, the UKTI announced that it will be delivering a Global Business Programme to support UK companies and bring £1bn in economic benefit to the UK over time.
As Cameron and Lord Maude, the minister of trade and investment, set off to Milan to meet with UK and international businesses at the 2015 Milan Expo, part of his pitch will maintain that the UK benefits from the job opportunities it affords.
Among the business leaders accompanying him to Milan will be representatives from Oppo Ice Cream, which claims that it makes the world’s healthiest dairy ice cream with fewer calories than an apple, and Cocorose London, a boutique shoe designer.
The prime minister said: “The scale of foreign investment is a huge success story which shows that Britain is the place to do business and is more evidence that our long term economic plan is working.”
He added that securing investment from overseas is a key part of Britain’s One Nation policy to create jobs, provide security and opportunities for working people throughout the UK.
By Shané Schutte
Image: Shutterstock
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