A record number of overseas investments were made in the UK in the 2015 to 2016 financial year, buoyed by a surge from emerging markets, making the country Europe’s most popular for external financiers.
Total projects funded by foreign direct investment (FDI) rose 11 percent to 2,213, the UK Department for International Trade yesterday said in a statement.
FDI created or protected 116,000 jobs including in life sciences, financial and professional services, and energy and infrastructure.
“We’ve broadened our reach with emerging markets across the world to cement our position as the number one destination in Europe for investment,’’ said British International Trade Secretary Liam Fox, who called the figures a “continued vote of confidence” in the UK.
Investors came from 79 countries, a record for one year. Projects funded from Latin America more than tripled, up 240 percent, and East European investment increased 131 percent.
The US remained the UK’s largest source of outside financing, with 570 projects, followed by China, which accounted for 156, and India with 140.
The statistics, through April, show investors were not deterred by the possibility of Britain leaving the EU.
Time will tell if post-Brexit vote uncertainty has changed matters.
“As Britain approaches a time of economic change, we must continue to welcome investors that are willing to make a sustained, long-term commitment all across the country,” said Adam Marshall, director general of the British Chambers of Commerce.
The UK is Europe’s most popular destination for foreign investment, according to the trade department’s data, which was drawn from Ernst & Young’s UK Attractiveness Survey, the Financial Times’ foreign direct investment report for this year and the Organisation for Economic Co-operation and Development’s FDI in Figures.
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