Brexit boost for foreign investment

THE number of new foreign investors doing business in Scotland has soared since the Brexit vote.

A report published today reveals a 7 per cent increase in foreign direct investment in Scotland last year.

The Scottish Government hailed the ‘unprecedented’ third consecutive year of record growth.

But critics said the figures show the SNP was wrong to claim Brexit would damage Scotland’s attractiveness to investors.

The EY Attractiveness Survey showed Scotland was the best performing UK region outside of London last year. It also showed that 6,000 jobs were created as a result of inward investment in 2017.

Economy Secretary Keith Brown said: ‘This report shows Scotland has achieved another excellent performance in inward investment in 2017, with an increase in both numbers of projects and jobs reported.

‘The EY results confirm Scotland’s position as the top UK destination after London for inward investment, with the increase in projects coming to Scotland greater than that across the UK.

‘There is also a significant increase in the number of jobs being created as a result of this investment, with over 6,000 jobs in 2017, a record year for Scotland.’

However, he also said the full report shows ‘the damage Brexit is doing to the UK’s reputation as a location for investment’, pointing out that Paris replaced London as the top city location. Murdo Fraser, finance spokesman for the Scottish Conservatives, said: ‘As soon as the Brexit vote happened the SNP tried to create the impression it would be catastrophic for Scotland’s economy.

‘Instead, Scotland appears to have become more attractive after that result.

‘The outcome of the 2017 general election, with a setback to the SNP making Indyref 2 much less likely, may well have been a factor too.’

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