Show of confidence in UK as foreign investment rises


Click to follow
The Independent Online

Foreign direct investment flows into Britain increased in 2012/13, bucking a trend of declining global growth in cross-border investment spending.

In the previous financial year, the UK secured 1,559 projects funded by foreign investors, 11 per cent more than in 2011/12. Globally, cross-border investment is estimated to have fallen by some 18 per cent in the year.

The figures are contained in the UK Trade & Investment’s annual report published today. The trade promotion body estimates that these projects secured 110,000 existing jobs and created 60,000 new ones.

It said the number of inward investment projects in Northern Ireland, Scotland and England (excluding London) were up by 41 per cent, 16 per cent and 10 per cent respectively. Welsh investment projects rose by 191 per cent.

The trade and investment minister, Lord Green, described the figures as a “major vote of confidence from foreign investors confirming that the UK remains a world leading business destination”.

But Lee Hopley of EEF, the manufacturers’ organisation, said that there was more to do.

“Continued investment in manufacturing is important in supporting supply chains, exports and productivity so the UK must keep up efforts to make the UK a great place for globally focused manufacturers to invest and grow,” she said.