Britain: Europe's top attraction for investors
A competitive tax system and flexible labour markets said to be bringing in overseas money
Sunday 20 July 2014
The UK remains the most attractive destination in Europe for foreign business investment, winning almost 1,800 new projects in the past year – the highest since records began in the 1980s, according to official figures released today.
Lord Ian Livingston, the Trade minister, said it had been an "exceptional year for foreign investment", which had created 66,390 new jobs, the highest number since 2001.
"It shows that our strategy to attract investors to the UK by creating one of the most business-friendly environments in the world is the right one, and it is proof that foreign investors have confidence in the UK as the best place to do business," Lord Livingston said.
The UK Trade and Investment (UKTI) figures show that the UK attracted 14 per cent more inward investment projects in 2013/14 than in the previous year. Northern Ireland received the highest individual investment, a 32 per cent increase. The United States led the rush to invest in Britain with 501 projects in the UK, followed by Japan and France. The figures also depict the growing importance of India and China which invested in 74 and 88 projects respectively.
"Investment in Britain is flying high," said John Cridland, the director-general of the CBI. "The UK is a very strong brand overseas, and this is an engine for providing the growth and jobs we need to drive forward a healthy and sustainable recovery."
Advanced manufacturing industry benefited the most from foreign investment, gaining more than 400 new projects and creating 37,204 jobs in the UK.
Lee Hopley, the chief economist at the manufacturers' organisation EEF, said: "Manufacturing has played a starring role in driving up inward investment and this serves to reinforce the vital need to continue building supply-chain capacity, and encourage investment in technologies."
Ms Hopley said that the UK's competitive tax system and flexible labour markets were reasons for the UK continuing "to punch above its weight in attracting overseas investment".
"Reforms to improve the competitiveness of the tax system coupled with our ability to capitalise on strengths, such as the science base and flexible labour markets, [had] propelled the UK up the rankings for investors around the world."
Yet Ms Hopley warned that the UK must not become complacent: "We must keep raising our game to lock in long-term growth by investing more in skills and innovation, and driving business costs down."
The Prime Minister David Cameron promised that the Government would "continue to work on behalf of every hardworking business in the UK to drum up trade, encourage investment, and pave the way for growth so we can generate jobs, pay our way in the world, and create stability, security and a brighter future for our country."
Businesses and political leaders from around the world will be presented with more investment opportunities at the Commonwealth Games Business Conference in Glasgow this week.
- 1 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 2 Doctors remove 80 teeth from boy's jaw
- 3 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 4 Stoke-on-Trent becomes first British city to be classified as 'disaster resilient' by the United Nations
- 5 Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
Downfall of Dustin 'Screech' Diamond, the 'Saved By The Bell' star charged with bar stabbing
Syrian teenager Usaid Barho reveals how he escaped from Isis using a suicide vest
Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
Millions of Britons struggling to feed themselves and facing malnourishment
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Nigel Farage: Ukip leader named 'Briton of the year' by The Times
Immigrants make UK racist, says Ukip councillor Trevor Shonk
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...